Tyco shareholders approve three-way break-up
NEW YORK, Sept 17 |
NEW YORK, Sept 17 (Reuters) - Tyco International Ltd said on Monday its shareholders have approved a break-up of the company into three pieces, the second time since 2007 the industrial conglomerate has slimmed down.
Tyco has said the tax-free split will enable its three businesses -- ADT North American residential security, flow-control products and services, and its fire and security business -- to have more options for growth, both from within and through acquisitions.
For every 100 existing Tyco shares, shareholders will receive 100 new Tyco shares, 50 shares in the ADT business, and 24 shares in the flow-control business, which sells valves and controls for the energy market.
The flow-control business will merge with Pentair Inc , which will be renamed Pentair Ltd and be majority-owned by current Tyco shareholders.
- Tweet this
- Share this
- Digg this