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Tyco International Adjusts Record Date for Quarterly Dividend
Apr 01, 2010 (07:04 PM EDT)
SCHAFFHAUSEN, Switzerland, April 1 /PRNewswire-FirstCall/ -- In connection with the anticipated closing of its acquisition of Brinks Home Security Holdings, Inc. ("BHS"), Tyco International Ltd. (NYSE: TYC) ("Tyco") has adjusted the record date for its previously announced quarterly dividend of CHF 0.22 per share payable on May 26, 2010. The previous record date of April 30, 2010 has been moved to the closing date of the BHS acquisition, which is expected to occur on May 14, 2010, assuming that BHS's shareholders approve the transaction at the special meeting of shareholders scheduled for May 12, 2010.
The dividend, which is made in the form of a capital reduction under Swiss law, will be paid in U.S. Dollars (USD) converted from Swiss Francs at the USD/CHF exchange rate in effect approximately one week prior to the payment date. Payment of the dividend to BHS shareholders who exchange their BHS shares for Tyco shares is contingent upon the merger occurring prior to the registration of the capital reduction with the Swiss Commercial Register (scheduled to occur on or about May 26, 2010) and remains subject to all of the closing conditions set forth in the merger agreement. Shareholders who receive cash for their BHS shares are not eligible for the dividend.
Tyco's dividend of CHF 0.22 per share is the first installment of an annual dividend of CHF 0.90 per share and is the Swiss Franc equivalent (as of March 8, 2010) of Tyco's planned annual dividend of $0.84 per share. Because of potential currency translation movements, the USD amount shareholders will actually receive may be more or less than the amount stated above.
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. (NYSE: TYC) is a diversified, global company that provides vital products and services to customers around the world. Tyco is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco had 2009 revenue of more than $17 billion and has more than 100,000 employees worldwide. More information on Tyco can be found at www.tyco.com.
SOURCE Tyco International Ltd.