AMSTERDAM (AFX) - Royal Philips Electronics NV has reached an agreement with TIR Systems Ltd of Canada to buy all of the company's outstanding shares for about 49 mln eur in cash.
Philips said the deal still needs to be approved by TIR shareholders and is expected to be completed in the second quarter of 2007.
The Vancouver-based TIR Systems is a leading company in solid state lighting (SSL) technology for products that generate high quality white light.
TIR Systems is publicly traded on the Toronto Stock Exchange. aaron.gray-block@thomson.com agb/jsa COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
