SEC to Probe Tyco Over Kozlowski
NEW YORK
The Securities and Exchange Commission (SEC) plans to open a formal investigation of Tyco Int’l Ltd. involving the criminal charges against former CEO Dennis Kozlowski, the company said Wednesday. Tyco said in a statement that it would cooperate with the investigation of Kozlowski “and any other issues that arise from that.”
In other news, late Wednesday Tyco received approval from the SEC on the registration of Tyco’s lending unit, CIT, for an initial public offering, though it is still unclear when the deal will be completed, a source with knowledge of the matter told the Associated Press.
Tyco said it expects the IPO to reap as much as $5.8 billion, down from the $7.2 billion the company had earlier said it hoped to get. Tyco paid more than $9 billion for CIT June 2001. The company plans to use the proceeds to pay down about $27 billion in debt. Tyco had hoped to complete the deal by the end of June, but said recently that could be delayed a week.
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