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Philips extends Genlyte takeover offer
AMSTERDAM |
AMSTERDAM (Reuters) - Philips Electronics (PHG.AS) has extended its $2.7 billion takeover offer for U.S. lighting maker Genlyte Group Inc GLYT.O to January 16, saying not all regulatory approvals have been obtained yet.
The company still needed anti-trust approval in a "small number of countries outside of North America," a spokesman said on Thursday.
As of January 2, Philips had received tenders for about 23.7 million shares, representing about 77 percent of outstanding Genlyte shares on a fully diluted basis, the company said.
Philips' offer, at $95.50 per Genlyte share, is conditional on at least 50 percent of outstanding shares being tendered.
The deal that would make Philips the top lighting company in North America has already cleared regulatory hurdles in the United States and Canada.
(Reporting by Niclas Mika; Editing by David Cowell)
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