Philips extends deadline for Genlyte tender offer

By Lisa Kerner

Charlotte, N.C., Jan. 3 - Royal Philips Electronics NV extended the ending date of its $95.50-per-share tender offer for the Genlyte Group Inc. until midnight ET on Jan. 16.

The tender offer began on Nov. 30, according to a company news release.

As of midnight ET on Jan. 2, Golf Merger Sub, Inc. had received a preliminary number of tenders representing some 23.7 million, or about 77%, of the outstanding Genlyte shares.

The Hart-Scott-Rodino waiting period and the applicable waiting period under the Competition Act (Canada) have both expired. However, not all of the approvals related to the remaining non-U.S. regulatory filings required to close the tender offer have been obtained, the release stated.

On Nov. 26, Philips Holding USA Inc. agreed to acquire Genlyte in an all-cash transaction valued at some $2.7 billion.

The merger is expected to close in the first quarter.

Georgeson Inc. (888 679-2871) is the information agent for the tender offer. Goldman, Sachs & Co. is the dealer manager.

Based in Louisville, Ky., Genlyte manufactures lighting fixtures, controls and related products for the commercial, industrial and residential markets.

Philips Holdings USA is a subsidiary of Philips Electronics, an electronics company based in Amsterdam.

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