Color Kinetics shareholders approve acquisition

By Lisa Kerner

Charlotte, N.C., Aug. 22 - Color Kinetics Inc. shareholders approved the company's acquisition by Philips Holding USA, Inc. at a special meeting on Wednesday.

The merger is expected to close on or about Aug. 24, according to a company news release.

Under the companies' June 19 agreement, Philips will acquire Color Kinetics for $34 per share in cash for a total consideration of $791 million.

The merged company will operate as Philips Solid-State Lighting Solutions out of Burlington, Mass., with certain co-branded Philips/Color Kinetics product lines.

Color Kinetics is a Boston-based LED lighting systems and technology company.

Philips is a subsidiary of Koninklijke Philips Electronics, NV, an electronics company based in the Netherlands.

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