Tyco Expects Johnson Controls Merger To Close on September 2

Tyco International plc TYC revealed Thursday that it expects its merger with Johnson Controls, Inc. JCI to close on September 2 in the current year. The company said that both the companies are holding the special meetings for shareholders on August 17 to vote for the merger.

Tyco International also disclosed that its Board has declared an accelerated dividend of $0.23 per share. The company indicated that it would be payable on August 26 to its shareholders, whose name appears on record of August 5.

The company said the accelerated dividend was in addition to the regular third quarter dividend scheduled to be paid on August 17 to its shareholders of record on July 22. This accelerated dividend pulls forward the quarterly dividend that Tyco would have declared in its fiscal fourth quarter, and was planned to align dividend payments made to shareholders of Tyco and Johnson Controls before merger closure.

While Tyco shares traded 5.23 percent higher, JCI stock was 3.77 percent up on Thursday.