Court, security holders approve TIR sale to Philips
The acquisition of LED lighting manufacturer TIR Systems by Philips has been given the go-ahead.
Philips' intention to buy TIR was announced in March – see Philips to acquire SSL specialist TIR Systems.
The approved arrangement contemplates Philips acquiring 100% of the outstanding shares of TIR at a price of C$1.60 per share in cash. All of the convertible debentures of TIR will be repaid on the basis of C$1,230.77 per C$1,000 of outstanding principal amount.
In addition, holders of outstanding warrants and options to acquire shares of TIR will be entitled to receive the difference between $1.60 and the exercise price for such warrants and options.
Completion of the arrangement remains subject to certain regulatory approvals being obtained and other customary closing conditions being satisfied – but it looks a done deal from this point on.