Tyco Shares Rise After Honeywell Denial
BOSTON
Shares of Tyco Int’l Ltd. rose 4 percent today after the company shot down rumors it was interested in buying Honeywell Int’l Ltd.. The rumors were behind a drop of up to 9 percent in the company’s share price on Friday, traders and analysts said.
However, Tyco recovered some ground in after-hours trade Friday after denial by company spokesperson Maryanne Kane. “It is absolutely untrue. There are no talks and there is no interest,” she said.
A Wall Street analyst stated that the rumors about Honeywell did not make sense because Tyco concentrates on what it describes as friendly, bolt-on acquisitions that immediately add to the earnings of one of its business segments. The company does not buy conglomerates.
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