Tyco is in the process of a restructuring of its own. Early next year, it is expected to split into three separate companies—electronics, security and healthcare. The idea is that each business requires a different managerial approach and balance sheet structure and that each has a different natural shareholder constituency. Presumably, when investors are offered their choice of pure plays, they will pay more in the aggregate for the three companies than they did for Tyco the conglomerate. Whether the three new companies remain independent or are sold, we expect to realize $35+ per share from our Tyco holdings.
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