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Tuesday , 26 March 2019
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Philips extends tender offer period to acquire Volcano

Amsterdam, the Netherlands and San Diego, CA, US – Royal Philips (NYSE: PHG; AEX: PHIA) and Volcano Corporation (NASDAQ:VOLC) today announced that Philips’ indirect wholly owned subsidiary Clearwater Merger Sub, Inc. is extending the expiration date for its previously announced tender offer until 12:00 midnight, Eastern Time, on February 5, 2015 (one minute after 11:59 p.m., Eastern Time, on February 4, 2015) for all outstanding shares of common stock of Volcano for USD 18.00 per Volcano share, without interest, less any applicable withholding of taxes.

On December 30, 2014, Clearwater Merger Sub commenced the tender offer for the Volcano shares in accordance with the Agreement and Plan of Merger, dated as of December 16, 2014, by and among Volcano, Philips Holding USA Inc. and Clearwater Merger Sub, Inc. (“Purchaser”). The offer is being extended because, although the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired, not all of the approvals under non-U.S. antitrust, competition or fair trade laws required to consummate the tender offer, which are conditions to the tender offer, have been received.

As of 12:00 midnight, Eastern Time, on January 29, 2015, Purchaser had received a preliminary number of tenders representing approximately 47,659,900 of the outstanding Volcano shares (including 2,318,508 Volcano shares tendered pursuant to guaranteed delivery procedures), which represented approximately 92.1 percent of the outstanding Volcano shares.

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