Color Kinetics Inc. (NASDAQ: CLRK) today announced that it has entered into a definitive agreement to be acquired by Royal Philips Electronics (NYSE:PHG, AEX:PHI). Philips will pay $34 per share in cash for all shares and options, or a total consideration of approximately $791 million. The acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2007. Color Kinetics is widely acknowledged as the first to deliver complete, integrated systems ...

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