- Tyco Electronics Terminates Voting Agreement
CHARLTON, Mass., June 8 -- Tyco Electronics Corp., and FiberCore Inc. have signed a contract in which Tyco will convert nearly $2.46 million into 3.4 million in FiberCore common stock. The contract called for Tyco to change all of its convertible notes and debt instruments of FiberCore to FiberCore common stock. Tyco has also given up its shareholder voting agreement in return for a two-year standstill agreement. The language of the agreement allows for future sales support arrangements and for the possibility of a technology exchange between FiberCore and Tyco.
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