Summary
This 8-K filing from United Technologies Corporation (UTC), dated December 17, 2004, reports on significant developments concerning its acquisition of Kidde plc. The key event is the unanimous recommendation by Kidde's Board of Directors to accept UTC's cash offer of 165 pence per share, valuing the entire transaction at approximately $2.8 billion. This offer includes a special interim dividend of 2 pence per share, serving as a substitute for the 2004 final dividend. Furthermore, UTC disclosed that it has increased its stake in Kidde to approximately 10.1% of the issued share capital through open market purchases. This filing indicates substantial progress towards the acquisition and provides investors with crucial details regarding the terms and UTC's growing interest in Kidde.
Key Highlights
- 1United Technologies Corporation (UTC) is pursuing the acquisition of Kidde plc.
- 2Kidde's Board of Directors has unanimously recommended UTC's cash offer.
- 3The offer price is 165 U.K. pence per Kidde share.
- 4The total transaction value is approximately $2.8 billion.
- 5Kidde shareholders will receive a special interim dividend of 2 pence per share.
- 6UTC has acquired approximately 10.1% of Kidde's issued share capital in the open market.
- 7The filing includes two press releases dated December 16, 2004, detailing these events.