Cree (Nasdaq: CREE), Color Kinetic (Nasdaq: CLRK)competitor, will also benefit from the CLRK acquisition by Royal Philips Electronics (NYSE: PHG), announced yesterday.
Cree owns 4% of CLRK’s shares, making the sale the $791 million purchase price a windfall. At $34 a share, Cree will take home $29.4 million for its shares. Cree has already earned $24 million from sales of Color Kinetics stock, giving it a total of $53.4 million from its initial $12.7 million investment.
Color Kinetics stock has nearly doubled in the last year.
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