Philips intends to sell LG.Philips LCD shares

Jul 08, 2005

LG.Philips LCD Co., Ltd., in which Royal Philips Electronics holds approximately 44.6 percent, last night announced that it has filed a Registration Statement with the U.S. Securities and Exchange Commission for a follow-on offering of approximately 26,850,000 primary shares of common stock in the form of American Depositary Shares or ADSs. Included in the Registration Statement is an offering by Philips to sell up to 6,710,000 secondary shares of common stock in the form of ADSs. Each ADS represents one-half of one share of common stock.

Philips may concurrently sell all, or a portion of the common shares as represented by the ADSs it intends to sell in this offering and additional common shares, as common stock on the Stock Market Division of the Korea Exchange. LG Electronics Inc. (LGE) is also considering the sale of a portion of its interest in the Company in the same transaction on the Korea Exchange that will take place concurrently with this offering. Philips and LGE intend to sell the same number of shares so that their respective shareholder ownership interest in the Company following these concurrent sales will remain identical.

The contemplated offering is subject to a certain number of conditions, including all necessary approvals in Korea and the United States, and is expected to be completed in the second half of 2005.

Currently, Philips and LGE each hold 145 million LPL shares representing approximately 44.6 percent of LPL shares.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Explore further: Microsoft skips Windows 9 to emphasize advances

add to favorites email to friend print save as pdf

Related Stories

How to print your own cell phone microscope for pennies

Sep 16, 2014

At one o'clock in the morning, layers of warm plastic are deposited on the platform of the 3D printer that sits on scientist Rebecca Erikson's desk. A small plastic housing, designed to fit over the end of ...

Next-generation remote maintenance with smart data

Sep 10, 2014

Siemens is upgrading its central remote-maintenance service to handle large amounts of data and new applications. Through its common Remote Service Platform (cRSP), Siemens serves around 250,000 customer ...

Recommended for you

Microsoft skips Windows 9 to emphasize advances

35 minutes ago

The next version of Microsoft's flagship operating system will be called Windows 10, as the company skips version 9 to emphasize advances it is making toward a world centered on mobile devices and Internet ...

AOL to feed more video, news to Microsoft's MSN

3 hours ago

AOL will provide Microsoft's MSN with more video and additional news stories from popular sites such as The Huffington Post and TechCrunch in an expansion of a deal aimed at selling more digital advertising.

First self-contained step dimming LED tube

6 hours ago

Samsung Electronics today introduced the industry's first AC Direct step-dimming LED linear replacement for T8 and T12 fluorescent tubes at the National Electrical Contractors Association (NECA) Convention ...

User comments : 0