AFC Cable, with annual revenues of approximately $275 million, is a leader in the design, manufacturer and supply of prewired armor cable, flexible conduit, modular wiring systems and electrical fittings used in a wide range of electrical, voice and data distribution products.
Pursuant to the merger agreement, as amended, shareholders of AFC Cable receive one share of Tyco for each share of AFC Cable. As a result, a total of approximately 12.8 million shares will be issued by Tyco. At the close of business on November 22, 1999, the price of Tyco was $43 per share.
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems, the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services, has strong leadership positions in disposable medical products, plastics, and adhesives, and is the largest manufacturer of flow control valves. The Company operates in more than 80 countries around the world and has expected fiscal 2000 revenues in excess of $25 billion.
FORWARD LOOKING INFORMATION
Comments in this release concerning expected fiscal 2000 revenue are forward-looking statements, which are based on management's good faith expectations and belief concerning future developments. Actual results may materially differ from these expectations as a result of many factors, relevant examples of which are set forth in the "Management Discussion and Analysis" section of the Company's 1998 Annual Report to Shareholders, the Company's 1998 Annual Report on Form 10-K, and the Company's Current Report on Form 8-K filed on June 3, 1999