They bought a company local to me a few years ago called Respironics - makes night time breathing stuff for Sleep Apnea folks and other stuff. From what I saw and heard of second and third hand I wasn't impressed. The place is less than 10 miles away and I've been involved with ERP implementations for 30 years and a lot of local folks work there, Now usually buyouts do have some horror stories and culture change. But his sounded like it had more then I would have expected since it's not like Philips had never taken over a company before.
Including dispatching with the founder and CEO without a decent good buy shortly after the purchase. Left a lot of employees a bit dis-illusioned.
No idea of where they really are in the LED industry though.
Which brings up - why never a Siemens rumor? Because GE ain't it!
And I believe CREE mgmt wants to continue their personal gravy train as long as they possibly can.
Siemens is in the process of getting out of lighting by spinning off Osram. GE is still in the game including providing financing of installation of their LED products. I don't expect Cree to be acquired.