Philips Electronics begins subsequent offer for Respironics

By Lisa Kerner

Charlotte, N.C., March 7 - Royal Philips Electronics NV said that all conditions have been met in its $66-per-share tender offer for Respironics, Inc.

Some 92.9% of Respironics' outstanding shares had been tendered, or some 69.1 million, at the close of the offer on March 6.

Philips Electronics subsidiary Moonlight Merger Sub, Inc. said in a news release it began a subsequent offering for Respironics' remaining shares at the same $66 per-share price.

The subsequent offer ends at 5 p.m. on March 13.

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

It was previously reported that Respironics will become the headquarters for the Philips Home Healthcare Solutions group within Philips Healthcare, with Respironics' senior management expected to remain with the organization.

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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