Tyco Board Approves Addl. $1 Bln Authorization For Share Buybacks - Quick Facts

(RTTNews) - Swiss security products maker Tyco International Ltd.'s (TYC) shareholders approved each proposal presented at the special general meeting of shareholders held on September 9, 2014. Therefore, the firm expects to complete the merger between Tyco International Ltd. and its subsidiary, Tyco International plc, in November 2014. The merger would result in each shareholder of Tyco International Ltd. receiving one share of Tyco International plc, a company incorporated under the laws of Ireland, for each share of Tyco International Ltd. held immediately prior to the merger.

In addition, Tyco's Board approved an additional $1 billion authorization for share repurchases, as the current authorized program is likely to be completed in the first fiscal quarter of 2015.

Further, the board declared a quarterly dividend of $0.18 per share, payable on November 13, 2014, to shareholders of record at the close of trading on the New York Stock Exchange on October 24, 2014.