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Investing

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

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By Douglas A. McIntyre Updated Published

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.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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