Finance History | 11 Wall Street — One Tyco Share in Four Became a Connector Book Called TEL
· 2007-7
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Finance History | 11 Wall Street — One Tyco Share in Four Became a Connector Book Called TEL
kevin
People treat TE Connectivity as a connector house that always printed TEL after a finished New York book.
The letters arrived as a spin.
A Tyco Electronics release dated 29 June 2007 records that Tyco Electronics Ltd. became an independent public company at the close of that day, completing its split from Tyco International.
The same release records that TEL had traded when-issued on the New York Stock Exchange since 14 June 2007 and would trade regular-way on Monday, 2 July 2007.
Tyco's 8 June 2007 board announcement, reported by MarketWatch, set the distribution at one Tyco Electronics share and one Covidien share for every four Tyco International shares held on the 18 June 2007 record date.
A later Tyco Electronics Form 10-K records that the company had 497 million common shares outstanding after the 29 June 2007 separation.
Shareholders approved a name change from Tyco Electronics Ltd. to TE Connectivity Ltd. effective 10 March 2011.
The ticker stayed TEL.
The present tape is still TEL on the New York Stock Exchange.
The mechanism is a tax-free three-way distribution of an already-built electronics book, not a cash initial public offering.
The pin is the Broad Street facade of the Exchange, where TEL opened regular-way.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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