bizjournals.com
Cree shares jump 15% after Philips makes buy
Monday November 26, 5:06 pm ET


Cree's stock price advanced 15 percent Monday on the news that Genlyte, a manufacturer of lighting fixtures, has agreed to be purchased by Philips for $2.7 billion.
The deal to buy Genlyte is valued at $95.50 per share of Genlyte. That is a 52 percent premium over Genlyte's Nov. 23 close of $62.67
Headquartered in Louisville, Ky., Genlyte (Nasdaq: GLYT - News) is one of the country's largest manufacturers of lighting fixtures. Philips, which is based in Amsterdam, said in a written statement that it hopes to use Genlyte's products to boost sales of LEDs, or light-emitting diodes.

That was good news for Cree (Nasdaq: CREE - News), one of the world's largest manufacturers of LEDs. The company, headquartered in Durham, is primarily a manufacturer of LED chips that light products such as dashboards and mobile phones. But it's increasingly trying to position itself as a seller of household goods to compete with overseas firms that offer cheap prices on semiconductors and similar lighting products.

Cree also has been a target of takeover rumors for months, with Philips and General Electric named as the two most likely buyers. Philips' chief financial officer, Pierre-Jean Sivignon, told analysts that the company might make further acquisitions, according to Bloomberg News.

Shares of Cree closed up 15 percent to $24.29 on Monday. The company's 52-week high is $34.87, hit in the midst of GE takeover rumors, while the 52-week low is $15.25.

Published November 26, 2007 by the Triangle Business Journal

That was good news for Cree (Nasdaq: CREE - News), one of the world's largest manufacturers of LEDs
That was good news for Cree (Nasdaq: CREE - News), one of the world's largest manufacturers of LEDs

Cree also has been a target of takeover rumors for months, with Philips and General Electric named as the two most likely buyers
Cree also has been a target of takeover rumors for months, with Philips and General Electric named as the two most likely buyers

잘하면  GE 나 필립스가  cree잡아먹겠네요...
조금 밖에 못 샀는데.....ㅋㅋㅋ