From: Reuters
Published January 3, 2008 03:30 AM

Philips extends Genlyte takeover offer

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.

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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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