Tyco Files Preliminary Proxy in Connection with Proposed Separation into Three Independent Companies

Tyco International Ltd. has filed preliminary proxy materials with the SEC seeking approval by the company's shareholders for its previously announced plan to separate into three independent companies.

Under the plan announced on Sept. 19, 2011, Tyco will spin off its North American residential and small business security company and its flow control business by means of tax-free stock dividends to Tyco shareholders. In addition, as announced on March 28, 2012, Tyco will combine its flow control business with Pentair, Inc. in a tax-free all-stock merger that will occur immediately following the dividend distribution of the flow control business. More...