MUNICH, Aug 9 (Reuters) - A takeover offer from private equity firms Bain and Carlyle for Germany's Osram is too low, the SdK group representing small shareholders said on Friday.
That came after the German lighting group's biggest shareholder - Allianz Global Investors - on Thursday rejected the 3.4 billion euro ($3.81 billion) takeover offer.
The SdK said it also held shares in Osram and would not tender them. The recommendation carries weight because around 25% of the company is in the hands of more than 440,000 private individuals.
Osram's managing and supervisory boards had said on July 4 that they were backing the offer, pitched at 35 euros a share, a 21% premium to Osram's share price before the approach was made public. ($1 = 0.8934 euros) (Reporting by Joern Poltz Writing by Tom Sims Editing by Michelle Martin)