Philips Electronics NV is extending its bid for Voice Control Systems Inc (VCS), a Dallas, Texas-based speech technology company, until June 18 in a bid to speed up acquisition of the company. When the offer formally closed last Friday, it had been accepted by owners of 87.9% of the shares. Proceeding with the takeover with less than 90% of shares is a lengthy two-month long process, so Philips has extended the offer in a bid to push acceptances over this mark. Though the bid was recommended by the VCS board and accepted by the major shareholders, a group of disaffected small shareholders feels the offer undervalues the company. Philips says that any shareholder who fails to accept by the new deadline will not be paid until the merger is complete.
