Genlyte Buyout Price New All-Time Highs (GLYT, PHG, GE)

Genlyte Group Inc. (NASDAQ:GLYT) is seeing its shares surge pre-market.  Royal Philips Electronics (NYSE:PHG) is acquiring the manufacturer of residential and commercial lights and lighting fixtures in a deal valued at $2.7 Billion.  The buyout price is $95.50 per share for holders.  Genlyte’s board of directors approved this deal and is recommending holders to vote in favor.

This is supposedly making Philips the number one lighting company, larger than General Electric (NYSE:GE), in the United States now with the closure expected in Q1 2008.  We haven’t seen any measurement of the metrics behind that claim, so we aren’t sticking any official claims or statements there on that. 

Here are Genlyte’s brand names:  Alkco, Allscape, Ardee, Canlyte, Capri/Omega, Carsonite, Chloride Systems, Crescent, D’ac, Day-Brite, Gardco, Guth, Hadco, Hanover Lantern, High-Lites, Hoffmeister, Lam, Ledalite, Lightolier, Lightolier Controls, Lumec, Morlite, Nessen, Quality, Shakespeare Composite Structures, Specialty, Stonco, Strand, Thomas Lighting, Thomas Lighting Canada, Vari-Lite, Vista, and Wide-Lite.

Shares are trading up 50% at $94.10 pre-market, and its 52-week trading range is $57.15 to $87.90.

Jon C. Ogg
November 26, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.