Tyco looks to repurchase Tycom shares
Tyco has approached Tycom’s board with an offer to purchase the 11% outstanding interest in the submarine fiber provider that it spun off to the public last year.
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The all-stock offer, which would once again make Tycom a wholly-owned subsidiary of Tyco, values Tycom at $14 per share--well above the stock’s $9.46 price on the day before the announcement. Wall Street reacted positively to the proposal, sending Tycom’s stock above $14. Tyco was up just more than 1%, closing at $47.45.
With a total value approaching $800 million, the offer is worth far less than the $2.25 billion Tycom generated with its July 2000 IPO.
--Toby Weber, staff writer
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© 2012 Penton Media Inc.
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