Tyco International plc (NYSE: TYC) revealed
Thursday that it expects its merger with Johnson Controls, Inc. (NYSE: JCI) to close on September 2 in the current year. The company said that both the
companies are holding the special meetings for shareholders on August 17 to vote for the merger.
Tyco International also disclosed that its Board has declared an accelerated dividend of $0.23 per share. The company indicated
that it would be payable on August 26 to its shareholders, whose name appears on record of August 5.
The company said the accelerated dividend was in addition to the regular third quarter dividend scheduled to be paid on August
17 to its shareholders of record on July 22. This accelerated dividend pulls forward the quarterly dividend that Tyco would have
declared in its fiscal fourth quarter, and was planned to align dividend payments made to shareholders of Tyco and Johnson Controls
before merger closure.
While Tyco shares traded 5.23 percent higher, JCI stock was 3.77 percent up on Thursday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.