Tyco eyes $5.8B Williams bid
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June 7, 1999: 4:04 a.m. ET
Security giant looks to U.K. deal after Raychem, AMP purchases
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LONDON (CNNfn) - British security firm Williams announced Monday it has reopened takeover talks with Tyco International, valuing the U.K. company at around 3.65 billion pounds ($5.8 billion).
Williams said in a statement that talks are at an early stage following a failed bid approach last year, and the evaluation of other options including joint ventures.
Any deal would stretch the acquisitive streak enjoyed by Tyco, which is also active in health care, electronic components and is the world's largest producer of fire protection systems, a market where Williams is U.K. market leader.
Tyco, which has a market capitalization of $78 billion, won a bitter takeover battle against AlliedSignal (ALD) to buy electronics manufacturer AMP for $11 billion and last month launched a $2.87 billion deal to acquire California-based industrial components maker Raychem.
Shares in Williams (WLMS), which lost its place in the FTSE 100 index of Britain's largest companies earlier this year, jumped 72 pence from to 460 pence in pre-opening trade Monday. Analysts said price talk for a Williams bid was in the range of 500 pence a share, valuing the company at 3.65 billion pounds.
Tyco (TYC) shares closed up 1-3/16 Friday at 89-9/16.
-- from staff and wire reports
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