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November 23, 1998

AMP GOES WITH TYCO IN $11BN STOCK DEAL

By CBR Staff Writer

Tyco International Inc, the highly successful industrial conglomerate, looks to have succeeded in its $11.3bn all-share bid to take over AMP Inc, the world’s biggest supplier of electrical interconnects to the PC, mobile phone and networking industries. The boards of Tyco and AMP announced on Monday that they have both approved an agreement to merge the companies into a single, $22bn-a-year entity. AMP had revenues last year of $5.75bn. The news effectively ends a hostile $9.8bn cash bid launched by AlliedSignal Inc, the diversified industrials group, at the beginning of August. AlliedSignal’s chief executive noted that Tyco’s offer exceeded any amount his company was willing to pay. AMP’s profits have declined sharply since the end of 1997 as a result of poor demand from Asia. In July AMP revealed a restructuring program involving 3,500 job losses and the closure of three factories. Before the takeover battle commenced, AMP’s shares had been trading at a 52 week low. The Tyco deal is still subject to the approval of both companies’ shareholders and the regulators but it is expected to be completed by early 1999.

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