Philips Agrees to Be Acquired: The building...

Philips Agrees to Be Acquired: The building materials company Philips Industries Inc. said it has agreed to be acquired by a unit of Merrill Lynch & Co. for $750 million in cash. Under the deal, which was signed Sunday, MLPI Holdings Inc. will pay $25.50 for each of Philips’ outstanding shares. Jessie Philips, 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 Dayton, Ohio-based company, founded in 1957 as a window maker with 20 employees, manufactures components for building, transportation and other industries.