Aug 13, 2019

Austrian sensor maker AMS offers to buy German lighting company Osram

Dan Primack, author of Pro Rata

AMS, an Austrian sensor maker, said it would offer to buy German car-lighting company Osram for €4.3 billion ($4.8 billion) in cash, a 10% premium to an existing takeover offer from Bain Capital and The Carlyle Group.

Why it matters: It presents a strategic dilemma for Bain and Carlyle, even if they're willing to pay more. On the one hand, Osram's top outside shareholder, Allianz Global Investors, already said it would oppose the private equity firms' bid. On the other hand, this is actually the second time AMS has proposed a superior offer, having pulled the prior approach, suggesting Bain and Carlyle could just wait out the competition.

Go deeper: Big-name private equity firms are asking for bigger cuts of investment profits

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Axios
5 hours ago - Podcasts

Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Sara Fischer
7 hours ago - Technology

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

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Hans Nichols
8 hours ago - Politics & Policy

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.

Go deeper (1 min. read)Arrow