Intermagnetics' Shareolders Approve Acquisition by Philips
September 26 2006 - 11:49AM
PR Newswire (US)
LATHAM, N.Y., Sept. 26 /PRNewswire-FirstCall/ -- Intermagnetics
General Corporation (NASDAQ:IMGC) announced that shareholders at a
special meeting in New York today approved the company's
acquisition by Philips Holding USA, Inc., a subsidiary of Royal
Philips Electronics, N.V. (NYSE:PHGNYSE:AEX:NYSE:PHI). The merger
was announced by Philips and Intermagnetics on June 15, 2006.
Completion of the transaction remains subject to regulatory
approval by the European Commission, and to the satisfaction or
waiver of other conditions and terms of the merger agreement. The
merger is expected to close during the fourth quarter of calendar
2006. Intermagnetics (http://www.intermagnetics.com/) draws on the
financial strength, operational excellence and technical leadership
in the market of Magnetic Resonance Imaging (MRI), as well as its
expanding businesses within Medical Devices that encompass Invivo
Diagnostic Imaging (focusing on MRI components & imaging
sub-systems) and Invivo Patient Care (focusing on monitoring &
other patient care devices). Intermagnetics is also a prominent
participant in superconducting applications for Energy Technology.
The company has a 35-year history as a successful developer,
manufacturer and marketer of superconducting materials, high-field
magnets, medical systems & components and other specialized
high-value added devices. About Royal Philips Electronics Royal
Philips Electronics of the Netherlands (NYSE:PHGNYSE:AEX:NYSE:PHI)
is one of the world's biggest electronics companies and Europe's
largest, with sales of $37.7 billion (EUR 30.4 billion) in 2005.
With activities in the three interlocking domains of healthcare,
lifestyle and technology and 158,000 employees in more than 60
countries, it has market leadership positions in medical diagnostic
imaging and patient monitoring, color television sets, electric
shavers, lighting and silicon system solutions. News from Philips
is located at http://www.philips.com/newscenter. Forward-Looking
Statement: This release may contain certain forward-looking
statements with respect to the financial condition, results of
operations and business of Intermagnetics and the proposed
acquisition of Intermagnetics by Philips. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future, and there are many factors that could cause actual
results and developments to differ materially from those expressed
or implied by these forward-looking statements. DATASOURCE:
Intermagnetics General Corporation CONTACT: Cathy Yudzevich of
Intermagnetics General Corporation, +1-518-514-3091 Web site:
http://www.intermagnetics.com/ http://www.philips.com/newscenter
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