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Respironics merger with Philips delayed again

| Monday, Feb. 25, 2008

Respironics Inc.'s intended acquirer, Royal Philips Electronics of The Netherlands, said today that it extended its tender offer to shareholders once again because the European Union has not signed off on the deal yet.

The company, based in Murrysville, agreed to be acquired by Royal Philips on Jan. 3 for $66 a share. As of Feb. 22, holders of about 82 percent of Respironics stock have tendered their shares -- far in excess of the 50-plus percent required.

The tender offer will now expire on March 5, which marks the end of the European Union's deal-review period. The $5.1 billion deal had initially been expected to close by Jan. 31.

The deal has already received antitrust clearance from U.S. regulators. Respironics makes sleep- and breathing-aid devices.

Respironics stock at mid-day was trading at $65.70 a share, up 11 cents.

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