The German lighting group, Osram’s managing and supervisory boards disclosed that they are backing a $3.8 Billion takeover proposal from Carlyle and Bain. The firms offered price of about 35 Euros a share. It represents a premium of almost 21% before this approach was made open, Osram proclaimed.

Osram, which was seen making the statement of backing following an evening board meeting, proclaimed that the private equity groups were loyal to its development strategy. The firm added that they had made “all-embracing commitments” regarding locations and employees. In a statement, Olaf Berlien, Chief Executive Officer, Osram, said, “Bain and Carlyle are the right partners for Osram at the right time.” Last week, Osram said that it had obtained the offer, verifying an earlier report by Reuters. Shares of the firm rose 0.8 % this week, after surging as much as 13% this week.

On a similar note, Ithaca Holdings, which is a media holding firm, came into the news as it announced that it has finalized a contract. Under this contract, Ithaca Holdings will purchase Big Machine Label Group (BMLG). Ithaca Holdings is headed by Scooter Braun, who is the founder of SB Projects, and BMLG.

The latest acquisition includes all aspects of BMLG’s business, such as its distribution deals, client roster, owned artist masters, and publishing sides. Borchetta is supposed to join the Ithaca board, buy a marginal interest in Ithaca, and remain CEO and President of BMLG. Reportedly, BMLG is supposed to continue regular operations out of Nashville. The Carlyle Group firstly showed investments in Ithaca in 2017. It is backing this transaction, besides Ithaca Holdings and Scooter Braun, via an extra equity investment through its Carlyle Partners VI fund. Carlyle is supposed to remain a marginal investor in Ithaca and continue to back the duel company’s growth strategy.