Following an extended offer period, AMS AG now owns 59.9 percent of Osram Licht AG.
However, in order to make the all debt-financed deal work financially, AMS requires full access to Osram's cash.
That would require increasing its stake to at least 75 percent.
AMS would most likely have to pay more than the €41 per share it paid for its current stake.
Investors willing to take the risk may take advantage of the situation.