Pentair shareholders green-light Tyco merger
Shareholders at Pentair have approved the proposed merger with Tyco.
Shareholders for Pentair have given the green light to the proposed merger with Tyco Flow Control, paving the way for merger and acquisition consultants to finalise the deal.
However, the tie-up is still subject to the approval of Tyco shareholders and the completion of customary closing conditions.
Pentair is an industrial firm with a globally-diversified range and with its headquarters located in Minneapolis, Minnesota.
Tyco delivers electronic security products, fire detection and prevention goods, valves and controls to people in more than 60 nations and has at least 100,000 members of staff.
An estimated 99 per cent of all of Pentair's common stock shares gave their approval to the merger, which led to around 85 per cent of all eligible shares voting to accept the merger agreement.
"We will continue to invest and drive initiatives that strengthen our portfolio and position us well for sustainable, profitable growth," chairman and chief executive officer of Pentair Randall Hogan recently said.
Posted by Edel Quinn
Source: Pentair press release, September 14th