-
Font Size:
The FTC granted early termination of the (re-filed) HSR waiting period for the Respironics, Inc (RESP) - Royal Philips (PHG) deal on January 30.
The companies have disclosed the following regarding the EU review:
Royal Philips and the Company filed the formal notification and application for approval of the offer and the merger with the European Commission on January 30, 2008. Pursuant to the EC Merger Regulation, the member states of the European Union have 15 working days from receipt of a copy of the notification report to request that the European Commission refer jurisdiction to review a merger to their national competition authorities, which 15 working day period Philips expects to expire on or after February 20, 2008. In addition, the European Commission has until 11:59 p.m., Brussels time on March 5, 2008 to determine whether the merger would significantly impede effective competition in the common market or a substantial part of it.
These developments fall precisely in line with expectations as discussed previously. While the delay in the EU filing remains somewhat perplexing, there continues to be no reason to anticipate delays from the regulatory beyond the March 5 deadline. Nevertheless, the notification delay and subsequent review will naturallyl force PHG to extend the tender offer well into next month and perhaps even the first week of March 2008.
Disclosure: We have no positions of any kind, in any security. We are a completely neutral source of research and analysis.
Get Seeking Alpha Free Stock Alerts by Email!
Get Free Stock Alerts by Email!
-
Editor's Picks
-
Most Popular
- Ecolab: Strong Price Momentum and High Quality Financials
- Assurant Is A Compelling Short Sell
- Broadcom Enters FTTH Chipset Market
- Another Macroshares Oil Arbitrage Opportunity
- Freeport McMoran: With Copper Prices Rising, It's Still a Buy
- Oil and the Futures Market
- Full list of Editor's Picks »
- High Likelihood of a Market Crash »
- Time To Start Buying Some Dogs? »
- Sirius-XM Combination: A Future Microsoft Acquisition? »
- 7 Stocks I'm Buying Now »
- High-Yield Canadian Royalty Trusts: What's the Catch? »
- JP Morgan Offer for Wachovia Makes Sense »
- Adding to My GE Position »
- 7 Stocks for a High Yield Cash Flow Portfolio »
- Drybulk Shipping: Prepare for a New Record High »
- Nokia: Bargain of a Lifetime - Barron's »
- Top 10 Payout Yield Stocks »
-
Long Ideas
-
Short Ideas
-
Cramer's Picks
- Time Warner's Due for a Comeback - Barron's
- Pep Boys: Price Skid Presents Long Opportunity
- Spectra Energy: Gas Pipelines Make Great Recession Proof Stocks
- Barron's Drinks to Constellation
- Adding Wood to Your Portolio: A Worthwhile Investment
- Arkansas Steel: 10 Structural Changes That Should Trump the Business Cycle
- Gross Margin Drivers at Potash Corp. (Part II)
- A New Strategy for EXACT Sciences
- Cytori Therapeutics: The Stem Cell 'Celution' for Success
- LDK Solar: The Brightest Opportunity?
- Full list of Long Ideas »
- Crystal River’s Q2 Write-Downs Could Bankrupt the Company
- Assurant Is A Compelling Short Sell
- Fuel Systems Solutions: Time to Take Profits
- GM an Unlikely Hero - Fast Money Recap (7/1/08)
- Pair Trade Visa and Capital One
- Amazon's Kindle Numbers: All Fluff, Zero Substance
- A. Schulman: Cashless Profits
- Titan Machinery: Doesn't Anybody Look at Valuation?
- Goodrich Petroleum: Gas in the Ground Doesn't Mean Cash in the Bank
- Outlook Remains Grim for MBIA, Ambac
- Full list of Short Ideas »
- StanCorp a Safe Financial - Cramer's Lightning Round (7/2/08)
- Momentum Stocks Stalled - Cramer's Stop Trading! (7/3/08)
- Expecting a Lift for Pediatrix: Cramer's Mad Money (7/3/08)
- The Most Bullish Thing - Cramer's Stop Trading! (7/1/08)
- Exelon's Got Nukes - Cramer's Lightning Round (7/1/08)
- Prescription Prediction for Allscripts - Cramer's Mad Money (7/1/08)
- Rex Marks the Spot - Cramer's Lightning Round, (6/30/08)
- Medicare Bill Buys - Cramer's Mad Money (6/30/08)
- Cracker Bottom of the Barrel - Cramer's Lightning Round (6/27/08)
- Britannia Bulk Rules the Waves - Cramer's Mad Money (6/27/08)
- Full list of Cramers Picks »
Most Popular Feeds
-
ETFs
-
US Market
-
Long Ideas
-
Alt. Energy
- Full list of feeds »
Hedge Fund Jobs
Job Seekers:
- Search jobs by category
- Get job alerts by email or live feed
- Apply online
Employers
- See all recruitment options
- Get applications online or by email



This article has 2 comments:
It's "Respironics"...
Rotterdam,
Holland
I think it is well and factually written and documents an unusual and inefficient delay in shuffling papers within the EU for such an enormous and largest ever 5-billion+ takeover by PHG.
What do you think?
Isaac
PS I actually own and nightly use a Respironics CPAP, stopping my sleep-apnoea!