Tyco International(TYC) has canceled plans, announced in April, to spin off its Electrical & Metal Products unit to shareholders. Instead, Tyco announced on November 9 that it would be selling 51% of the unit, bow called Atkore, to private equity firm Clayton, Dubilier, & Rice for $720 million in cash. Tyco plans to use the cash to repurchase stock.
On December 22, Tyco announced that it had completed the deal and retains its 49% stake for disposition in a more favorable environment.
Disclosure: The author holds no position in any stock mentioned.
