Thomas & Betts Shareholders approve acquisition by ABB
May 2, 2012
Zurich, Switzerland and Memphis, Tennessee, - ABB Ltd (NYSE: ABB), the leading power and automation technology group, and Thomas & Betts Corporation (NYSE: TNB), a North American leader in low voltage products, today announced that Thomas & Betts shareholders have voted to approve the merger agreement pursuant to ABB acquiring Thomas & Betts for $72 per share in cash.
Of the shares voted at today's special meeting 99% were voted in favor of the approval of the merger agreement, which represents approximately 75% of Thomas & Betts' total outstanding shares of common stock as of the recorded date for the meeting.
Approval of the merger agreement by Thomas & Betts shareholders satisfies one of the conditions to complete the acquisition of Thomas & Betts by ABB. The closing of the acquisition remains subject to clearance by the European Commission and the Canadian antitrust authorities and the other closing conditions set forth in the merger agreement. The transaction has already been cleared by the US and Turkish antitrust regulators. While a definitive closing date cannot yet be determined, ABB and Thomas & Betts continue to expect that the transaction will close in mid-2012.
Featured Product
Model TR1 Tru-Trac
The Model TR1 Tru-Trac® linear measurement solution is a versatile option for tracking velocity, position, or distance over a wide variety of surfaces. An integrated encoder, measuring wheel, and spring-loaded torsion arm in one, compact unit, the Model TR1 is easy to install. The spring-loaded torsion arm offers adjustable torsion load, allowing the Model TR1 to be mounted in almost any orientation - even upside-down. The threaded shaft on the pivot axis is field reversible, providing mounting access from either side. With operating speeds up to 3000 feet per minute, a wide variety of configuration options - including multiple wheel material options - and a housing made from a durable, conductive composite material that minimizes static buildup, the Model TR1 Tru-Trac® is the ideal solution for countless applications.
