Tyco International Ltd. announced today that its Board of Directors has unanimously approved a plan to separate the company into three independent, publicly traded companies.
The company intends to accomplish the separation by issuing tax-free stock dividends of the ADT and flow control businesses to Tyco shareholders, after which Tyco shareholders will own 100% of the equity in each of the three publicly traded companies. Tyco expects to complete the transaction in approximately 12 months, subject to certain conditions including the approval of Tyco shareholders.
Source: Tyco
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