University of Pittsburgh
December 20, 2007

Pitt Faculty Expert Kenneth Lehn Is Available to Discuss the Sale of Respironics to Royal Philips Electronics of the Netherlands

Contact:  412-624-4147

PITTSBURGH—Kenneth M. Lehn, Samuel A. McCullough Professor of Finance in the University of Pittsburgh's Joseph M. Katz Graduate School of Business, is available to discuss the merger agreement between Respironics Inc., of Murrysville, Pa., and Royal Phillips Electronics, of the Netherlands.

Phillips is reportedly acquiring the U.S.-based health care firm Respironics Inc. for

$5.1 billion in cash. In joint statements, the companies said they had reached a definitive merger agreement under which Philips will acquire all of Respironics' outstanding shares for $66 a share, or a 24.3 percent premium to Thursday's closing price for Respironics of $53.11, according to the "Wall Street Journal."

Lehn joined the faculty at the University of Pittsburgh in 1991 after serving as chief economist of the U.S. Securities and Exchange Commission for four years. Lehn's research focuses on topics in corporate finance, including mergers and acquisitions, corporate governance, and capital structure.

Lehn has published in leading academic journals, including the "Journal of Financial Economics," "Journal of Finance," "Journal of Political Economy," "American Economic Review," and "Journal of Law and Economics." He also has published several op-ed pieces in the "Wall Street Journal."

Lehn is a founding editor of the "Journal of Corporate Finance." He serves on the Shadow Financial Regulatory Committee at the American Enterprise Institute. He also has served as a consultant for numerous firms and government agencies, including J.P. Morgan Chase, Lehman Brothers, The Walt Disney Company, Marriott, Procter & Gamble, AT&T Wireless, the National Hockey League, and the U.S. Department of Justice.

For a list of Pitt faculty experts, visit www.umc.pitt.edu/m/experts.html

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