Tyco International Ltd. announced today that, through its subsidiary TGN Holdings, it has offered to acquire the outstanding 11% minority interest in TyCom Ltd. representing approximately 56 million common shares.

Tyco currently holds 89 percent of all TyCom common shares and acquiring the outstanding minority shares would bring TyCom back into the Tyco International Ltd. corporate structure as a wholly owned subsidiary.

Tyco International Ltd. Chairman, President and Chief Executive Officer, L. Dennis Kozlowski stated: "Tyco remains committed to TyCom even though the environment for broadband telecommunication stocks has changed dramatically since the time of the initial public offering of TyCom.''

Under the terms of Tyco's offer presented to the TyCom Board of Directors, the public holders of TyCom common shares would receive 0.2997 of a Tyco common share for each outstanding TyCom common share. Based on the closing price on the New York Stock Exchange of a Tyco common share on October 3, 2001, this represents a value of $14.00 per TyCom common share. This constitutes a premium of 48% over the closing price of TyCom common shares on October 3, 2001, and 15% over the average closing price of TyCom shares over the past three months.

The proposal is subject to the approval of the Board of Directors of TyCom, the negotiation and execution of a definitive agreement, and any required regulatory approvals.