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

Go deeper

The Biden blowout scenario

Joe Biden speaks at an outdoor Black Economic Summit in Charlotte yesterday. Photo: Kevin Lamarque/Reuters

Joe Biden or President Trump could win the election narrowly — but only one in a popular and electoral vote blowout. 

Why it matters: A Biden blowout would mean a Democratic Senate, a bigger Democratic House and a huge political and policy shift nationwide.

Justice's moves ring Big Tech with regulatory threats

Illustration: Annelise Capossela/Axios

The Department of Justice proposed legislation to curb liability protections for tech platforms and moved a step closer toward an antitrust lawsuit against Google Wednesday.

The big picture: As President Trump faces re-election, lawmakers and regulators are hurriedly wrapping up investigations and circling Big Tech with regulatory threats.

Democrats' mail voting pivot

Illustration: Sarah Grillo/Axios

Democrats spent the early months of the coronavirus pandemic urging their base to vote absentee. But as threats of U.S. Postal Service delays, Team Trump litigation and higher ballot rejection rates become clearer, many are pivoting to promote more in-person voting as well.

Why it matters: Democrats are exponentially more likely to vote by mail than Republicans this year — and if enough mail-in ballots are lost, rejected on a technicality or undercounted, it could change the outcome of the presidential election or other key races.

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