Speculation Mounts Over Whether Schneider Is Bidding $30 Billion for Tyco
Speculation over a potential takeover of Tyco, ADT and SimplexGrinnell’s parent company, by Schneider Electric, the French electrical engineering group, has risen to a fever pitch since Bloomberg reported on Monday that Schneider had begun researching a Tyco acquisition and The Wall Street Journal followed with reports that a Schneider bid for $30 billion had landed on the negotiating table.
While Tyco has at press time yet to address the rumored discussions, Schneider issued a statement Wednesday morning denying those reports: “In response to market rumors, Schneider Electric announced today that it is not currently in discussion with Tyco International regarding a potential strategic transaction between the two companies. Schneider Electric stated that it would make no further comment regarding this matter.”