Cooper Industries Cuts Dividend to $0.21 from $0.31
The Board of Directors of Cooper Industries plc (NYSE: CBE) has declared a regular quarterly dividend of $0.21 on each share of the Company's outstanding common stock. The dividend is payable November 16, 2012, to shareholders of record on November 1, 2012.
On October 26, 2012, in connection with the previously announced transaction with Eaton Corporation (NYSE: ETN), both companies will hold special meetings to seek approval from shareholders to adopt the transaction agreement and approve the merger and certain related proposals. Provided approval is received from both Cooper and Eaton shareholders, the transaction with Eaton is expected to close after customary regulatory approvals.
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