Merger of Philips, Respironics nears completion

By Lisa Kerner

Charlotte, N.C., March 14 - Royal Philips Electronics NV received more than 70 million shares, or 94%, of Respironics, Inc. in its $66-per-share tender offer for the company.

The subsequent offering period ended Thursday.

Philips intends to effect a short-form merger, and Respironics will become an indirect wholly owned subsidiary of Philips. Respironics shares will be delisted and cease trading on the Nasdaq National Market.

"Upon closing of this transaction, Respironics will become the centerpiece of our Home Healthcare business within Philips Healthcare and with that we have successfully built a significant operation that can facilitate the evident societal need to make home-based healthcare an integral part of the health care system," Philips chief executive officer Gerard Kleisterlee said in a company news release.

In December, Respironics agreed to be acquired by Philips Electronics for some $5.1 billion.

Based in Murrysville, Pa., Respironics manufactures and distributes products and programs for the sleep and respiratory markets.

Philips Electronics is an Amsterdam-based company with products and services for the health care, lighting and consumer lifestyle markets.

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