ABB To Acquire Thomas & Betts For $3.9B

ABB Ltd (NYSE: ABB) announced its plans to acquire Thomas & Betts Corp (NYSE: TNB) for $72 per share in cash or around $3.9 billion.

The offer price represents a 24% premium to closing price of TNB's closing stock price on January 27, 2012. The deal is likely to close by the middle of 2012.

TNB shares gained 0.43% to close at $57.95 on Friday, while ABB shares fell 0.28% to close at $21.24 on Friday.

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