Bard and Tyco end merger - Feb. 6, 2002

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News > Deals

Bard and Tyco end merger

February 6, 2002: 5:28 p.m. ET

Medical device maker ends $3.2B merger with Tyco; Bard to remain independent.

NEW YORK (CNN/Money) - C.R. Bard Inc. and Tyco International Ltd. mutually agreed Wednesday to end their $3.2 billion merger agreement.

Murray Hill, N.J.-based Bard said it now believes that the best course for the company is to remain independent. Bard gave no further reason for the breakup and each party will bear its own costs in connection with the termination, Bard said.

A spokeswoman for Tyco confirmed that both parties agreed to end the merger. "There is no break-up fee," the spokeswoman said.

The news comes after Tyco International (TYC: up $2.82 to $25.92, Research, Estimates) �hosted a conference call Wednesday to reassure investors about its finances.

"We have always acted in the best interest of our shareholders," Bard Chairman and CEO William Logfield said.

The $3.2 billion merger agreement, which includes debt, would have given �Tyco a stronger foothold in the worldwide medical devices market. Murray Hill, N.J.-based Bard makes products for hernia repair, prostate cancer treatment and heart disease.

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