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Tyco announces stock changes
Tyco International Ltd. will issue stocks for the healthcare and electronics spin-off companies that will result from the Bermuda-based business forthcoming split.
Tyco International will distribute a tax-free stock dividend June 29 to shareholders of record as of June 18, according to a company statement. In addition, each Tyco International shareholder will receive one Covidien and one Tyco Electronics stock for every four shares of Tyco International. Covidien and Tyco Electronics are the spin-offs. Fractional shares will not be distributed. Shareholders will receive a taxable cash payment instead.
Tyco International also will execute a stock consolidation, changing four shares to one. These deals will reduce Tyco Internationals outstanding stock from about 2 billion shares to 500 million shares.
Tyco Electronics is headquartered in Lower Swatara Township, Dauphin County.
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