Access Control
& Security Systems

Tyco Intl., Ltd. will acquire Sensormatic Electronics Corp., in a stock-for-stock transaction valued at approximately $2.3 billion.

"Sensormatic provides an excellent strategic fit with Tyco Fire and Security," says Tyco CEO L. Dennis Kozlowski. "Sensormatic is the global leader in electronic article surveillance systems for the retail industry. The combination with our existing fire and security monitoring and service applications allows us to provide a more complete security system solution."

Sensormatic will become part of Tyco’s family of brands, including ADT, SimplexGrinnell and Thorn Security.

Under the terms of the agreement, announced Aug. 3, a subsidiary of Tyco will commence a tender offer to purchase all of Sensormatic’s approximately 79.4 million shares of common stock for $24 per share in value of Tyco stock.

The boards of directors at both companies have approved the transaction, which will be tax-free to Sensormatic shareholders.

This month in Access Control

• Opening Up About Door Closers
• An Enterprise Approach
• The Framework For Open Systems
• On A Higher Plane
• More from April's issue