Tyco sets stock distribution date for ADT split
The big development we’re all awaiting in the industry is ADT parent company Tyco International’s split into three independently traded companies as of Oct. 1: The ADT Corp., Tyco Fire and Security and Tyco Flow Control International, which will be renamed Pentair Ltd.
In advance of the split, Tyco put out a news release this week announcing that Sept. 28 will be the date that distributions of equity interests in The ADT Corp. and Flow Control will be made to shareholders. Those two companies “are the two wholly-owned subsidiaries formed to hold Tyco's North American residential and small business security and flow control businesses,” the company said the Sept. 6 release.
Switzerland-based Tyco said the payment date is dependent on shareholder approval, to be obtained at a special meeting slated for Sept. 14, and other conditions. The distribution will be made to shareholders of record as of Sept. 17, Tyco announced.
As the company previously has said, Flow Control will merge with Pentair, Inc. immediately after the distribution. Tyco added, “Prior to the distribution and the merger, Flow Control will be renamed Pentair Ltd.”
Tyco said it “currently has approximately 462 million basic shares outstanding.” Based on distribution ratios, the company said, “approximately 231 million shares of ADT common stock and 111 million shares of Flow Control common stock will be distributed to Tyco shareholders.”
ADT has filed an application to list its common stock on the New York Stock Exchange under the trading symbol “ADT,” Tyco said. Flow Control's common stock will be listed on the New York Stock Exchange under Pentair's current trading symbol, “PNR.”
For more details, check out: