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Tyco Electronics to acquire ADC |
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Tyco Electronics and ADC have entered into a definitive agreement that will see Tyco Electronics acquire ADC for $12.75 per share in cash, or an enterprise value of approximately $1.25 billion. The acquisition will position Tyco Electronics' Network Solutions segment as a leading provider of broadband connectivity products to carrier and enterprise networks around the world.  The transaction is structured as a tender offer to be followed as soon as possible by a merger, and is subject to customary closing conditions, including the tender of a majority of ADC shares and regulatory approvals, and is expected to close in the fourth calendar quarter 2010.The combined organization will offer a complete product portfolio across every major geographic market. It will also add ADC's Distributed Antenna System (DAS) products, which will expand Tyco Electronics' wireless connectivity portfolio to provide greater mobile coverage and capacity solutions to carrier and enterprise customers as demand for mobile data continues to expand. Moreover, Tyco Electronics will add ADC's professional services organization in the US to its business. Tom Lynch, Chief Executive Officer of Tyco Electronics said, "We expect ADC to be accretive to our earnings in the first year and to reach our target operating margin of 15 percent in the third year after the acquisition," said Lynch, corresponding to approximately $0.14 per share in the first full year after closing excluding acquisition-related costs. Tyco also reported its preliminary fiscal results for the third quarter, with sales of $3.1 billion and a book-to-bill ratio of 1.06. It reported diluted EPS from operations of $0.72, and an adjusted EPS of $0.70. Its complete results are expected next week. |
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