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By BLOOMBERG NEWS | March 18, 1997
EXETER, N.H. -- Tyco International Ltd. agreed yesterday to buy ADT Ltd. for $5.6 billion in stock, topping Western Resources Inc.'s hostile bid for the electronic security system company by 29 percent.Tyco's $29-a-share offer, approved by directors of both companies, is expected to lead Western Resources to cancel its bid, analysts said.Western, which said it is reviewing Tyco's offer, is ADT's largest shareholder with a 27 percent stake."They [Western] end up getting a good bid for their shares and they don't have to finance an acquisition," said Lawrence Alberts, an analyst with American Express Financial Corp.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | December 31, 2006
I have held Tyco Inter- national Ltd. shares a long time. Do you think I should keep holding? - R.C., via the Internet There's never a dull moment for shareholders of this Bermuda-registered conglomerate that's working to engineer a comeback in both results and public image. It recently announced a 38 percent gain in fiscal fourth-quarter profits and a $600 million restructuring program to improve operating efficiency. Its underperforming printed circuit group has been sold off, several health-care technology firms have been acquired, and its ADT home-security sales organization has changed from independent dealers to an internal work force.
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BUSINESS
By Julius Westheimer | December 17, 1999
DO YOU WANT to improve your finances as 2000 nears? Here is a summary, from Financial Planning Perspectives, of "Four Easy Steps to Kick Your Financial Life in Gear for the New Millennium."Review your financial situation and goals. Decide where you are financially and where you want to be by Dec. 31, 2000.Spend less than you earn, "the one foolproof way to build wealth." Use a computer program to budget each month.Save and invest regularly. Don't worry whether the market is up, down or sideways.
BUSINESS
By BLOOMBERG NEWS | February 15, 2005
NEW YORK - Tyco International Ltd.'s auditors knew about millions of dollars in bonuses that former Chief Executive Officer L. Dennis Kozlowski was later accused of stealing, a witness at his fraud trial testified yesterday. Patricia Prue, Tyco's former head of human resources, told jurors in a New York state court that the company's payroll and legal departments also knew about the payments, which were rewards to employees for their work on the public offering of shares in Tyco subsidiary TyCom Inc. The testimony supports the contention of lawyers defending Kozlowski and former finance chief Mark H. Swartz that their clients didn't keep the bonuses secret and that the company's board knew of or could have learned about the payments.
BUSINESS
By BLOOMBERG NEWS | January 23, 2002
EXETER, N.H. - Tyco International Ltd., bowing to shareholder demands for greater transparency in accounting, said yesterday that it plans to split into four companies and shed $11 billion in debt. "It's absolutely surprising," said Mark Demos, an analyst with Fifth Third Investment Advisors, which owns Tyco shares. "It goes against the grain of Tyco's message over the past decade." The breakup reverses the strategy of Tyco chief executive L. Dennis Kozlowski, who oversaw $64 billion in acquisitions and whose methods were compared to those at General Electric Co. Kozlowski will head the electronics and security-systems company that remains after Tyco spins off its health care, fire protection and flow control, and financial services units.
BUSINESS
By BLOOMBERG NEWS | April 12, 1997
EXETER, N.H. -- Tyco International Ltd. said it will buy AT&T Corp.'s undersea fiber-optic cable unit for $850 million in cash, adding installation services to its cable-making business.The business consists mainly of Submarine Systems Inc., which buys and installs most of the undersea cable produced by Tyco's Simplex Technologies unit. Submarine Systems is expected to have 1997 revenue of $1 billion.Tyco, which makes everything from industrial valves to medical bandages, has fueled its growth by buying competitors, targeting companies for their potential to immediately add to earnings.
BUSINESS
By BLOOMBERG NEWS | February 5, 2002
EXETER, N.H. - Tyco International Ltd. said yesterday that it plans to tap bank loans to repay $4.5 billion in commercial paper amid investor speculation the company may get shut out by other corporate lenders. "There are market concerns because most of the [Tyco] paper is sold overnight and investors have been reluctant to hold it longer than that for several weeks," said Frank Rachwalski, who helps manage about $328 billion in assets at Zurich Scudder Investments Inc. in Chicago. Yields on Tyco's bonds rose and its shares fell 19 percent as the company's flexibility is reduced by shifting the debt to $5.9 billion in lending agreements provided by banks led by J.P. Morgan Chase & Co. Similar maneuvers by Enron Corp.
NEWS
July 9, 2004
MORE THAN two years after the massive implosion of Enron, the now-bankrupt energy giant, a complex criminal investigation has finally worked its way through layers of former executives to the inevitable, a federal indictment unsealed yesterday against the company's founder and former chairman, Kenneth L. Lay. For former Enron employees and investors and many others collaterally damaged by the sudden collapse of what was once the seventh-largest U.S. company,...
BUSINESS
By BLOOMBERG NEWS | April 26, 2002
EXETER, N.H. - Tyco International Ltd. chief executive Dennis Kozlowski canceled the breakup of the conglomerate yesterday, saying his idea was a mistake after shareholders lost $41 billion since the plan was announced. The shares fell nearly 20 percent as the company also slashed its full-year profit forecast and wrote down the value of its Tycom undersea-telecommunications network. The largest provider of security systems and undersea fiber-optic cable will eliminate 7,100 jobs and close 24 facilities.
BUSINESS
By Russel Kinnel and Russel Kinnel,MORNINGSTAR.COM | June 23, 2002
In my previous column, I began a review of the 10 biggest funds. Today, I'll wrap up with numbers six through 10. Considering how badly giant-cap stocks have done, this group has produced pretty good relative performance, though many had one or two big holdings that soured. Fidelity Growth and Income (FGRIX): Though the fund's 4.43 percent loss doesn't sound too appealing, Steve Kaye is working on another solid year of modest out-performance. Kaye's wariness of high-priced stocks has served the fund well in the bear market.
NEWS
July 9, 2004
MORE THAN two years after the massive implosion of Enron, the now-bankrupt energy giant, a complex criminal investigation has finally worked its way through layers of former executives to the inevitable, a federal indictment unsealed yesterday against the company's founder and former chairman, Kenneth L. Lay. For former Enron employees and investors and many others collaterally damaged by the sudden collapse of what was once the seventh-largest U.S. company,...
NEWS
By Walter F. Roche Jr. and Walter F. Roche Jr.,SUN STAFF | November 6, 2003
A $67.4 million, no-bid contract for Tyco International Ltd., which will be heavily financed with U.S. tax dollars, has been quietly slipped in as a side agreement to a pending bill that provides about $3.5 billion in aid to two Pacific island countries. Tyco would provide fiber optic cable connections to the Federated States of Micronesia and the Republic of the Marshall Islands, where a major U.S. military installation on the Kwajalein Atoll would be linked. The firm has come under scrutiny recently for reincorporating in Bermuda, thus avoiding millions in U.S. tax obligations.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | September 26, 2002
NEW YORK - Tyco International Ltd. agreed to pay a severance package of $44.8 million in cash to Mark H. Swartz, its chief financial officer, while he was under investigation by a grand jury in Manhattan that later indicted him on fraud charges. A copy of the Aug. 1 agreement was obtained yesterday from a person close to the investigation of Swartz and L. Dennis Kozlowski, Tyco's former chief executive. It was approved Aug. 14 by two board members serving on Tyco's compensation committee.
BUSINESS
By BLOOMBERG NEWS | August 7, 2002
EXETER, N.H. - Tyco International Ltd. Chief Executive Officer Edward D. Breen Jr., in his second week on the job, blocked yesterday plans to add four seats to the conglomerate's board. Breen named former DuPont Chairman and CEO John A. Krol to a vacancy on the board and hired Eric M. Pillmore as senior vice president of corporate governance. Breen will wait until he completes his review of the company's governance before changing the board, Tyco said in a statement. Tyco, the maker of ADT security systems and scores of other products, had scheduled a Sept.
BUSINESS
By Russel Kinnel and Russel Kinnel,MORNINGSTAR.COM | June 23, 2002
In my previous column, I began a review of the 10 biggest funds. Today, I'll wrap up with numbers six through 10. Considering how badly giant-cap stocks have done, this group has produced pretty good relative performance, though many had one or two big holdings that soured. Fidelity Growth and Income (FGRIX): Though the fund's 4.43 percent loss doesn't sound too appealing, Steve Kaye is working on another solid year of modest out-performance. Kaye's wariness of high-priced stocks has served the fund well in the bear market.
BUSINESS
By BLOOMBERG NEWS | April 26, 2002
EXETER, N.H. - Tyco International Ltd. chief executive Dennis Kozlowski canceled the breakup of the conglomerate yesterday, saying his idea was a mistake after shareholders lost $41 billion since the plan was announced. The shares fell nearly 20 percent as the company also slashed its full-year profit forecast and wrote down the value of its Tycom undersea-telecommunications network. The largest provider of security systems and undersea fiber-optic cable will eliminate 7,100 jobs and close 24 facilities.
BUSINESS
By BLOOMBERG NEWS | February 15, 2005
NEW YORK - Tyco International Ltd.'s auditors knew about millions of dollars in bonuses that former Chief Executive Officer L. Dennis Kozlowski was later accused of stealing, a witness at his fraud trial testified yesterday. Patricia Prue, Tyco's former head of human resources, told jurors in a New York state court that the company's payroll and legal departments also knew about the payments, which were rewards to employees for their work on the public offering of shares in Tyco subsidiary TyCom Inc. The testimony supports the contention of lawyers defending Kozlowski and former finance chief Mark H. Swartz that their clients didn't keep the bonuses secret and that the company's board knew of or could have learned about the payments.
BUSINESS
By BLOOMBERG NEWS | August 7, 2002
EXETER, N.H. - Tyco International Ltd. Chief Executive Officer Edward D. Breen Jr., in his second week on the job, blocked yesterday plans to add four seats to the conglomerate's board. Breen named former DuPont Chairman and CEO John A. Krol to a vacancy on the board and hired Eric M. Pillmore as senior vice president of corporate governance. Breen will wait until he completes his review of the company's governance before changing the board, Tyco said in a statement. Tyco, the maker of ADT security systems and scores of other products, had scheduled a Sept.
BUSINESS
By BLOOMBERG NEWS | February 5, 2002
EXETER, N.H. - Tyco International Ltd. said yesterday that it plans to tap bank loans to repay $4.5 billion in commercial paper amid investor speculation the company may get shut out by other corporate lenders. "There are market concerns because most of the [Tyco] paper is sold overnight and investors have been reluctant to hold it longer than that for several weeks," said Frank Rachwalski, who helps manage about $328 billion in assets at Zurich Scudder Investments Inc. in Chicago. Yields on Tyco's bonds rose and its shares fell 19 percent as the company's flexibility is reduced by shifting the debt to $5.9 billion in lending agreements provided by banks led by J.P. Morgan Chase & Co. Similar maneuvers by Enron Corp.
BUSINESS
By BLOOMBERG NEWS | January 23, 2002
EXETER, N.H. - Tyco International Ltd., bowing to shareholder demands for greater transparency in accounting, said yesterday that it plans to split into four companies and shed $11 billion in debt. "It's absolutely surprising," said Mark Demos, an analyst with Fifth Third Investment Advisors, which owns Tyco shares. "It goes against the grain of Tyco's message over the past decade." The breakup reverses the strategy of Tyco chief executive L. Dennis Kozlowski, who oversaw $64 billion in acquisitions and whose methods were compared to those at General Electric Co. Kozlowski will head the electronics and security-systems company that remains after Tyco spins off its health care, fire protection and flow control, and financial services units.
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