The acquisition will be conducted by means of a tender offer for all of the issued and outstanding shares of Genlyte, followed by the merger of Genlyte with Philips’ acquisition subsidiary. The tender offer is subject to a number of customary closing conditions and is expected to close in the first quarter of 2008.
“This offer creates outstanding value for our stockholders and enables our management and talented associates to continue our successful strategy,” said Larry K. Powers, Chairman, President and Chief Executive Officer of Genlyte. “This reflects the strength of Genlyte’s brands, strong customer relationships, and many years of successful growth in sales and earnings. We are especially pleased that we have the opportunity to build upon these assets as we join an entity that understands the lighting fixtures and controls industry and can bring us extensive creative solutions and financial resources to further grow our business. We view this merger as an exciting opportunity for everyone, and as a result the Board unanimously recommended the offer to our stockholders.”
McDermott Will & Emery LLP served as legal advisor and Sagent Advisors Inc. and J.P. Morgan Securities Inc. served as financial advisors to Genlyte.