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TyCom Shareholders Approve Sale to Tyco

Photonics.com
Dec 2001
PEMBROKE, Bermuda, Dec. 14 -- TyCom Ltd. said its shareholders approved the sale of the remaining 11 percent of the company not already owned by Tyco International Inc.

Tyco's move to buy back 56 million common shares of TyCom, which it spun off last year, is valued at $957.4 million, based on Tyco's Wednesday closing price of $55.95. Completion of the deal, first announced on Oct. 4, will make TyCom a wholly owned Tyco subsidiary.



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