Tyco International Ltd is to remain headquartered in Bermuda, after the firm's board rejected a proposal to reincorporate in the United States as too costly.
“The Board listened to the concerns of our shareholders and carefully evaluated the pros and cons of incorporating in the United States,” announced Tyco Chairman and Chief Executive Edward D. Breen as the firm filed its preliminary proxy statement with the Securities and Exchange Commission last Friday.
“Following a thorough review, the Board concluded that the interests of shareholders would be best served by making fundamental changes to our bylaws that strengthen shareholder rights and remaining a Bermuda company,” explained Mr Breen.
Tyco shareholders will consider seven proposals at the company’s annual general meeting on March 25 this year, including proposed amendments to the firm’s bylaws that will strengthen shareholder rights.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment