UPDATE: ABB to Acquire Thomas & Betts for $72 per Share Totaling $3.9 Billion

ABB

and Thomas & Betts Corporation

today announced that both companies' boards of directors have agreed to a transaction in which ABB will acquire Thomas & Betts for $72 per share in cash or approximately $3.9 billion. The acquisition price represents a 24 percent premium to Thomas & Betts' closing stock price on Jan. 27, 2012 and a 35 percent premium to the volume weighted average stock price over the past 60 trading days. The transaction is subject to approval by Thomas & Betts shareholders as well as to customary regulatory approvals, and is expected to close by the middle of 2012.