Schneider Seeks To Quash Rumors Of $30B Tyco Offer

Law360, New York (April 13, 2011, 1:22 PM EDT) -- Despite a swirl of media reports claiming it was mulling a $30 billion takeover offer for Tyco International Ltd., France’s Schneider Electric SA said on Wednesday that it was not currently discussing a strategic transaction with the Swiss manufacturing giant.

Schneider said it was responding to “market rumors” and declined to comment further on the matter.

Speculation about the deal was first sparked by a Bloomberg News report that said Schneider was working with bankers to assess a potential takeover of Tyco at $63 per share,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.