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TYC > SEC Filings for TYC > Form 8-K on 10-Mar-2014All Recent SEC Filings

Show all filings for TYCO INTERNATIONAL LTD



Other Events

Item 8.01 Other Events.

On March 6, 2014, affiliates of Tyco International Ltd. (the "Company") and Atkore International Group Inc. ("Atkore") entered into a non-binding Letter of Intent (the "LOI") pursuant to which Atkore has proposed to redeem all of the Company's remaining common equity stake in Atkore for an aggregate cash purchase price of $250,000,000, plus an additional contingent amount if certain transactions involving Atkore occur prior to December 31, 2014. Completion of the redemption is subject to a number of conditions, including (i) the execution and delivery of a redemption agreement reflecting the definitive terms and conditions upon which the redemption would occur, (ii) completion of the refinancing of Atkore's indebtedness, (iii) the solvency of Atkore and its subsidiaries immediately following the completion of the redemption and (iv) the termination of certain affiliate agreements between Atkore and affiliates of the Company, including an indemnity agreement, consulting agreement and stockholders agreement. Closing of the redemption is expected to occur in the Company's third fiscal quarter.
The above information includes "forward-looking statements" regarding the Company's intent to divest its remaining stake in Atkore. There can be no assurance that the Company and Atkore will enter into a definitive redemption agreement or, if the parties do enter into such an agreement, that the terms and conditions will be on terms favorable to the Company or as provided in the LOI.

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