P.M. BRIEFING : Philips Component Firm to Be Sold
From Times Wire Services
DAYTON, Ohio —
Philips Industries Inc. said today it has agreed to be acquired by a unit of Merrill Lynch & Co. for $750 million in cash.
Under the deal, which was signed on Sunday, MLPI Holdings Inc. will pay $25.50 for each of Philips’ outstanding shares.
Jessie Philips, company chairman and founder, said he expects the merger to be completed by the end of the year, pending approval of shareholders. He said the current management team is expected to remain intact.
The 32-year-old company manfacturers components for building, transportation and other industries.
MLPI Holdings was formed by Merrill Lynch Capital Partners Inc. to complete the deal.
