Austrian sensor specialist AMS said on Tuesday that the acceptance rate in its 4.6 billion euro ($5.1 billion) takeover offer for German lighting group Osram was 59.3%, a little more than the required 55% threshold.
AMS, known for supplying Apple with sensors for iPhones, wants to build a leader in integrated sensors and lights and develop systems for self-driving cars and smartphone applications.
Osram, whose lightbulbs were once ubiquitous in European homes, became a takeover target after its attempt to turn itself into a specialist in the technology of generating and harnessing light using photons did not bring the hoped-for success. Hit by slow demand for car headlights, it reported a loss for the fiscal year that ended in September.
In the years to come, large job cuts seem unavoidable, even though AMS is ready to apply an employment protection scheme until end-2022 on the Osram sites in Germany. AMS currently employs around 8,500 staff, Osram 23,500.
MacDailyNews Take: AMS has for some time now been looking for ways to diversify in order to lessen their heavy dependence on Apple whos eorders account for some 40% of revenue, according to analyst estimates quoted by Reuters.