New owners close in on Philips Lumileds

New owners close in on Philips Lumileds

Business news |
By eeNews Europe

The private-equity businesses are rumoured to have offered to buy 80% of Philips Lumileds shares worth about 2.5 billion euros. Philips are deemed likely to retain the remaining shares.

Rival equity firm Bain Capital appears to be no longer in the running while an Asian bidding consortium led by Chinese LED manufacturer Lattice Power has been rumored to be offering a bidding price 15% higher than KKR and CVC.  Analysts believe that Philips seems to prefer to work on a deal with a private equity firm.

No final decision has been made so a late bid may yet clinch the deal but the Dutch based company looks likely to be sold in a matter of weeks now.

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