Tyco to buy CR Bard

30 May 2001

Tyco International has agreed to pay $3.2 billion to acquire CR Bard,a medical devices group which posted revenues last year of $1.1 billion. Under the terms of the transaction, Bard stockholders will receive Tyco shares worth $60 for each they already hold and, if Tyco shares fall below $50, the ratio will be adjusted. Following news of this acquisition, which is the seventh by Tyco in the last year and has taken its total spending to $21 billion, the company's shares slipped $0.83 to $56.17 on May 31, but Bard rose $10.17 to $56.17. The deal is expected to be completed in first-quarter 2002, and a termination fee of $105 million has been agreed.

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