Osram’s Q3 Results Weak, Managing Board Suggests Accepting Take-Over Offer
Osram has shown no signs of business revival. The company’s revenue on a comparable basis fell by 14.9 percent year-on-year to 850 million euros.
The adjusted EBITDA margin was impacted by reduced profitability in the automotive business and reached 6.8 percent.
EBITDA adjusted for special items was EUR 58 million (US$ 64.72 million), which was down by 58% compared to previous year’s figure.
The performance programs that Osram initiated in the Opto Semiconductor business segment have had a positive effect.
Osram’s Opto Semiconductors, Automotive, and Digital have reported a business decline
In the joint reasoned response by the company, the Supervisory Board and the Managing Board recommend that Osram shareholders should accept the takeover offer from investors Bain Capital and the Carlyle Group.
“The offer is attractive for the company, its employees and its shareholders. With their financial strength, Bain and Carlyle will support the ongoing transformation and enable strategically important decisions to be made,” Olaf Berlien, CEO of OSRAM Licht AG, said.
The company’s shareholders have until September 5, 2019, to accept the offer.
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