Western sells Tyco shares
million Tyco International Ltd. shares to the investment firm Donaldson Lufkin & Jenrette Inc. for $446 million.
The sale reduced Western Resources' stake in Tyco to about 4.6 percent from about 6.5 percent. Western, a Topeka, Kansas-based utility, said it will use the proceeds to repay debt and for other corporate purposes. On August 15, Tyco, which makes medical supplies and fire-protection equipment, agreed to discontinue all litigation with Western Resources and ease the way for Western to sell its remaining stake in Tyco. The litigation arose from Tyco's $5.6 billion acquisition of Bermuda-based ADT Ltd. in July. Western was a rival suitor for ADT, and had claimed the structure of Tyco's then-proposed acquisition of ADT denied Western and other ADT shareholders their appraisal rights.
