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Latest Satellite News Discussion, Info Philips takes healthy Pace profit at General Satellite News forum; Philips takes healthy Pace profit Chris Forrester 19-04-2009 Dutch electronics giant Philips sold its 17% stake in set-top box supplier ...

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Info Philips takes healthy Pace profit - 19-April-2009, 16:40

Philips takes healthy Pace profit

Chris Forrester

19-04-2009

Dutch electronics giant Philips sold its 17% stake in set-top box supplier Pace on Friday April 17, taking advantage of Paces buoyant stock price. Philips held 50.7m Pace shares as part of the reverse take-over of its own set-top box division, acquired by Pace last April.

Philips was in a lock-up that was due to expire in a few days (on April 21) and Pace permitted the lock-up to be waived in order for the share sale to take place. JP Morgan Cazenove handled the share sale for Philips. Philips said it would book a 48m gain ($63m) on the transaction. They added that its Pace stake was non-core.

The sale further boosted Paces share price on Friday, which has risen from about 35p last November to 143.5p (up 2.5%) on Friday.

Last week Philips itself suffered a downgrade from Morgan Stanley, which advised investors to mark the stock as Underweight in their portfolios.
   
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