Tyco Electronics (TEL) Acquires ADC (ADCT)
On July 13, Tyco Electronics (NYSE: TEL) and ADC (Nasdaq: ADCT) announced a definitive agreement under which Tyco Electronics will acquire ADC for $12.75 per share in cash, or an enterprise value of approximately $1.25 billion.
The transaction is structured as a tender offer to be followed as soon as possible by a merger. The transaction 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.
Tyco Electronics said the transaction is expected to be accretive by approximately $0.14 per share in the first full year after closing excluding acquisition-related cost.
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