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THE CARLYLE GROUP LP

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Bain, Carlyle losing confidence in Osram bid - Manager Magazin

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04/18/2019 | 03:57am EDT
Logo of lamp manufacturer Osram is pictured during opening of 'World of light' showroom in Munich

BERLIN (Reuters) - Shares in Osram fell more than 6 percent on Thursday after a German magazine reported that private equity groups Bain Capital and Carlyle Group were losing confidence in their bid for the lighting group.

Osram, which is grappling weakening demand in all of its divisions, said in February that the private equity groups were looking at whether to jointly bid for up to 100 percent of the German group's shares.

But the potential bidders were rattled by a trading update in March when Osram slashed its 2019 forecast and said it expects full-year revenue to decline between 11 and 14 percent, Manager Magazin reported.

"Confidence in the investment and financing case has sunk considerably," Manager Magazin quoted an investment banker involved in the deal as saying.

Osram did not immediately respond to a request for comment. Carlyle Group could not be reached for comment. Bain Capital declined to comment.

Due to the fluctuations in Osram's business, banks were expected to provide a far smaller loan package which in turn would reduce the return on investment prospects of the private equity groups when they exit, the magazine said, without citing sources.

Instead of a bid of up to 45 euros previously forecast by analysts, insiders now expect at most a small premium on the current price of about 30 euros, the magazine said.

Shares in Osram, which have shed more than 40 percent of their value over the past year, fell 6.2 percent to trade at 30.9 euros by 0747 GMT.

Osram, with a market value of around 3.2 billion euros (£2.7 billion), was once part of Siemens and mainly sells its products to car manufacturers.

(Reporting by Caroline Copley; Editing by Tassilo Hummel and Michelle Martin)

Stocks mentioned in the article
ChangeLast1st jan.
OSRAM LICHT -0.11% 26.68 Delayed Quote.-29.56%
THE CARLYLE GROUP LP 0.69% 22.24 Delayed Quote.40.83%
VALUE8 0.72% 5.6 Delayed Quote.17.30%
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Financials ($)
Sales 2019 2 218 M
EBIT 2019 801 M
Net income 2019 226 M
Debt 2019 -
Yield 2019 5,83%
P/E ratio 2019 10,77
P/E ratio 2020 8,86
Capi. / Sales 2019 3,31x
Capi. / Sales 2020 2,63x
Capitalization 7 345 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 24,5 $
Spread / Average Target 14%
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NameTitle
Glenn A. Youngkin President, Co-CEO, COO & Director
Kewsong Lee Co-Chief Executive Officer & Director
William E. Conway Executive Co-Chairman
David M. Rubenstein Executive Co-Chairman
Curtis L. Buser Chief Financial Officer
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