North American Philips Corp.’s board approved a...

North American Philips Corp.’s board approved a sweetened takeover offer from NV Philips, the Dutch electronics giant that already owns 58% of its shares. NV Philips sweetened its offer after a committee of outside directors of New York-based North American Philips decided the original offer should not be recommended to shareholders. Under the new deal, shareholders in North American Philips would receive $50 in cash plus one warrant for each share of their stock, instead of just the $50 cash. The cash portion of the deal alone is worth $611 million.