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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Smart_Money who wrote (78075)	6/12/2002 6:33:29 PM
From: LTK007	Read Replies (1) of 99280

O.K., here is news from WSJ--<<IPOS CIT'S IPO . Tyco Gets SEC Clearance For an IPO of CIT Group By JERRY GUIDERA and JOHN HECHINGER Staff Reporters of THE WALL STREET JOURNAL Tyco International Ltd. has received clearance from the Securities and Exchange Commission for a planned initial public offering of its CIT Group finance unit, according to a person familiar with the matter.( so all hinges on this "deep throat" person,it seems:) The troubled industrial conglomerate had initially said it would conduct the offering by the end of June, but last week announced that it would likely be delayed until after the July 4 weekend, citing discussions with the SEC over a technical issue related to documents widely expected to be filed last week. TYCO IN TURMOIL • See recent articles on the fallout from former Tyco CEO L. Dennis Kozlowski's resignation and subsequent indictment for tax evasion. Tyco shareholders have been eagerly awaiting more news about the IPO because they are seeking assurances that Tyco will be able to either sell CIT or take it public, a key to the company's plan to reduce its crushing $27 billion debt load. As of 4 p.m. trading Wednesday on the New York Stock Exchange, shares of Tyco were down 90 cents, or 8.1%, at $10.15. Its stock has been on a rollercoaster ride in recent weeks amid the fallout from former Chief Executive L. Dennis Kozlwoski's resignation and concerns about further delays of the IPO. Analysts initially expected Tyco to raise $6.5 billion in the offering but have said more recently that the company would be lucky to raise $5 billion, a figure Lehman Brothers Holdings Inc. offered for the unit. Lehman Brother withdrew the offer shortly after its interest become public in late May. Lehman Brothers and Goldman Sachs Group Inc., are the lead underwriters of the CIT deal. An amended prospectus for CIT is expected to be filed shortly. Write to Jerry Guidera at jerry.guidera@wsj.com and John Hechinger at john.hechinger@wsj.com Updated June 13, 2002

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