SCHAFFHAUSEN, Switzerland,
Dec. 2, 2010 /PRNewswire-FirstCall/
-- On Tuesday, Nov. 30, 2010, Tyco
Electronics Ltd. (NYSE: TEL) received notification that the
Ministry of Commerce of the People's
Republic of China, which is responsible for the review of
acquisition transactions under the Antimonopoly Law and its
implementing regulations, has cleared the company's proposed
acquisition of ADC Telecommunications, Inc. (Nasdaq: ADCT).
Tyco Electronics' tender offer for shares of ADC is scheduled to
expire at 5:00 p.m., New York City time on Wednesday, Dec. 8, 2010, and the company
continues to expect that the transaction will close in the current
quarter.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered
electronic components, network solutions, specialty products and
subsea communication systems, with fiscal 2010 sales of
US$12.1 billion to customers in more
than 150 countries. We design, manufacture and market products for
customers in a broad array of industries including automotive; data
communication systems and consumer electronics; telecommunications;
aerospace, defense and marine; medical; energy; and lighting. With
approximately 7,000 engineers and worldwide manufacturing, sales
and customer service capabilities, Tyco Electronics' commitment is
our customers' advantage. More information on Tyco Electronics can
be found at http://www.tycoelectronics.com/.
FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking
statements. These statements are based on management's
current expectations and are subject to risk, uncertainty and
changes in circumstances, which may cause actual results,
performance, financial condition or achievements to differ
materially from anticipated results, performance, financial
condition or achievements. All statements contained herein
that are not clearly historical in nature are forward-looking and
the words "anticipate", "believe", "expect", "estimate", "plan" and
similar expressions are generally intended to identify
forward-looking statements. Tyco Electronics has no intention
and is under no obligation to update or alter (and expressly
disclaims any such intention or obligation to do so) its
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by law.
Examples of factors that could cause actual results to differ
materially from those described in the forward-looking statements
include, among others, business, economic, competitive and
regulatory risks, such as developments in the credit markets;
conditions affecting demand for products, particularly in the
automotive industry and the telecommunications, computer and
consumer electronics industries; future goodwill impairment;
competition and pricing pressure; fluctuations in foreign currency
exchange rates and commodity prices; political, economic and
military instability in countries in which Tyco Electronics
operates; compliance with current and future environmental and
other laws and regulations; the possible effects on Tyco
Electronics of changes in tax laws, tax treaties and other
legislations; the risk that the transaction may not be consummated;
the risk that a regulatory approval that may be required for the
transaction is not obtained or is obtained subject to conditions
that are not anticipated; the risk that ADC will not be integrated
successfully into Tyco Electronics; and the risk that revenue
opportunities, cost savings and other anticipated synergies from
the transaction may not be fully realized or may take longer to
realize than expected.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This announcement is for informational purposes only and does
not constitute an offer to purchase or a solicitation of an offer
to sell common stock of ADC. The solicitation and offer to
buy ADC common stock is being made pursuant to a tender offer
statement on Schedule TO (including the offer to purchase, letter
of transmittal and other related tender offer materials) filed by
Tyco Electronics with the Securities and Exchange Commission (SEC)
on July 26, 2010. ADC also
filed a solicitation/recommendation statement with respect to the
tender offer on Schedule 14D-9 with the SEC on July 26, 2010. These materials, as they may
be amended from time to time, contain important information,
including the terms and conditions of the offer and ADC's Board of
Directors recommendation of the tender offer, that should be read
carefully before any decision is made with respect to the tender
offer. Investors and security holders may obtain a free copy
of these materials and other documents filed by Tyco Electronics or
ADC with the SEC at the website maintained by the SEC at
www.sec.gov. The offer to purchase and related
materials may also be obtained for free by contacting the
information agent for the offer, Innisfree M&A Incorporated,
501 Madison Avenue, New York, NY
10022, Tel: 212-750-5833.
Note: The toll-free number for Innisfree is
888-750-5834.
SOURCE Tyco Electronics Ltd.
