Friday, May 13, 2011

Tyco Rallies On Renewed Takeover Speculation

Shares of Tyco International Ltd. (NYSE: TYC) rallied more than 3% Friday on speculation that France's Schneider Electric SA is in talks with private equity firms over a $30 billion bid for U.S. manufacturing conglomerate. The talks are at an early stage, and Schneider has not yet chosen which private equity firms it would team up with if it were to make an offer. It said any bid could top $30 billion and that it is possible private equity bidders would work on their own. The $30 billion bid would represent a 29 percent premium over the current $23.2 billion market capitalization of Tyco. Stay tuned for more.

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