Koninklijke Philips N.V.
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Publicatie datum
26 nov 2007 - 08:04
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips announces agreement to acquire Genlyte – a leading North American luminaires manufacturer
Bericht
November 26, 2007
PHILIPS ANNOUNCES AGREEMENT TO ACQUIRE GENLYTE – A LEADING NORTH AMERICAN LUMINAIRES MANUFACTURER
• Philips to pay approximately USD 2.7 billion (EUR 1.8 billion) based on an offer price per share of USD 95.50
• Deal creates #1 lighting company in North America
• Philips and Genlyte to grow business by introducing Philips’ innovative, greener and solid state lighting technologies in North America through Genlyte’s extensive contacts with distributors, architects and designers, and by introducing Genlyte’s products to an international market
• Deal leverages Philips’ earlier successful acquisitions of Color Kinetics, Partners in Lighting, TIR and Lumileds, and signals continuing investment in Lighting
• Genlyte’s Board of Directors will unanimously recommend offer to shareholders
Amsterdam, the Netherlands and Louisville, Kentucky – Royal Philips Electronics (AEX: PHI, NYSE: PHG) (“Philips”) today announced it has entered into a definitive merger agreement with North American luminaires company Genlyte Group Incorporated (“Genlyte”) (NASDAQ: GLYT) pursuant to which Philips will commence a tender offer to acquire all of the issued and outstanding shares of Genlyte for USD 95.50 per share, or approximately USD 2.7 billion (EUR 1.8 billion) to be paid in cash upon completion. The proposed transaction builds on Philips’ earlier acquisition of Color Kinetics and provides the company with a leading position in the North American luminaires (also known as ‘lighting fixtures’) market. The deal will also provide Philips with a platform for further profitable growth by building on Genlyte’s extensive presence among lighting customers in North America to speed up the adoption of energy-saving, green lighting technologies. The board of directors of Genlyte has unanimously approved the transaction, and will unanimously recommend that Genlyte shareholders accept the offer and tender their shares of Genlyte pursuant to the offer.
Based in Louisville, Kentu
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