Tyco International Ltd. will spin off its health-care and electronics units to shareholders at the end of the month after winning approval from its board and the Securities and Exchange Commission, Bloomberg News reported Friday.
Stockholders as of June 18 will get one share of the health-care company, named Covidien, and one share of the electronics unit, called Tyco Electronics, on June 29 for every four shares of the parent they own, Bermuda-based Tyco said in a statement Thursday, according to Bloomberg News.
The SEC approved the company's intent to split into three, spokesman Paul Fitzhenry said, according to Bloomberg News.
Tyco also filed with the SEC to withdraw the debt offerings that the three new entities registered in connection with the separation because Tyco has the financing in place to complete the spinoffs, Fitzhenry said, according to Bloomberg News.
-New York State Society of Certified Public Accountants
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