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"The offer price of 41 euros per share in cash represents an
appropriate valuation of the company from the point of view of
the boards," the company said in a statement.
Shareholders have until December 5, 2019 to accept the offer,
Osram said.
In the fiscal year ended in September Osram posted a 343 million
euros ($377.99 million) net loss, down from a 188 million euros
profit in the year-earlier period.
"Osram does not expect global automobile production to recover
in the short term," the company said, unveiling plans to cut 220
million euros in costs between 2017 and 2021.
As a result of the downturn, Osram took a 171 million euro
goodwill impairment on its Osram Continental joint venture.
Osram said it would achieve its medium-term targets two years
later.
Osram said job cuts, efficiency measures and costs related to
the takeover resulted in charges of 131 million euros.
Further job cuts are planned, Osram said, adding that employees
at German locations are protected from merger-related layoffs
until the end of 2022.
AMS renewed its takeover attempt of Osram earlier this month,
hoping its latest offer would convince investors with a lower
acceptance rate and concessions to the German lighting group's
management and trade unions.
($1 = 0.9074 euros)
(Reporting by Edward Taylor, editing by Riham Alkousaa and
Michelle Martin)
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