Philips Announces 15% Increase in Cree's Shares After Acquiring Genlyte Philips announced that it will acquire US lighting manufacturer Genlyte at a price of US$95.5 per share (US$2.7 billion), and it is expected that Philips will become the largest lighting company in North America. . Philips also pointed out that GenlyteGroup has a wide range of customers and is expected to accelerate the popularization of energy-saving and environmentally-friendly lighting technologies in North America. Philips also pointed out that the expected merger and acquisition process is expected to be completed in Q1 in 2008.
According to foreign reports, the market expects that Philips' LED sales are expected to climb due to the acquisition of GenlyteGroup, which will be a big profit for Cree, the upstream LED manufacturing company. In addition, the Associated Press reported that AmericanTechnologyResearch pointed out that Cree is the world's leading supplier of LED dies and also has the best technology in the industry.
Cree was boosted by the industry's merger and acquisition of Lido, analysts optimistic about its potential and rose 15.23% against the trend, closing at 24.29 US dollars.
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