Koninklijke Philips N.V.
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Publicatie datum
17 jan 2008 - 08:39
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips announces satisfaction of tender offer conditions to acquire Genlyte
Bericht
January 17, 2008
PHILIPS ANNOUNCES SATISFACTION OF TENDER OFFER CONDITIONS TO ACQUIRE GENLYTE
Amsterdam, the Netherlands — Royal Philips Electronics (NYSE:PHG, AEX:PHI) (“Philips”) today announced the satisfaction of all of the conditions to the closing of the tender offer by its wholly owned subsidiary, Golf Merger Sub, Inc. (“Philips Merger Sub”), to acquire all outstanding shares of common stock of The Genlyte Group Incorporated (NASDAQ:GLYT) (“Genlyte”) for $95.50 per Genlyte share, without interest and subject to any applicable withholding of taxes. One of the remaining conditions for the closing of the tender offer included receiving more than 50% of the shares tendered into the offer. As of the close of business on the January 16, 2008 expiration date of the tender offer, Philips Merger Sub had received approximately 26.5 million Genlyte shares tendered into the offer, including 1.8 million Genlyte shares tendered by guaranteed delivery, representing over 96% of the outstanding shares of Genlyte.
Philips expects to promptly pay for all shares tendered. Following the payment for all shares tendered, Philips expects to quickly complete the merger of Philips Merger Sub with and into Genlyte, with Genlyte becoming a wholly owned subsidiary of Philips, pursuant to the “short-form” merger provisions of Delaware law without a meeting of the stockholders of Genlyte.
Commenting on today’s announcement, Theo van Deursen, Chief Executive Officer of Philips Lighting, said: “We’re very pleased to announce we’ve met the conditions to close the tender offer to acquire Genlyte. It’s a strong endorsement of Philips’ plan to build on Genlyte’s extensive presence in the North American lighting market to speed up the rollout of more energy efficient lighting and the introduction of new lighting technologies, like solid state lighting.” Larry Powers, Chairman, President and Chief Executive Officer of Genlyte noted, “I’m very pleased that the acquisition has been completed.
Datum laatste update: 26 december 2025