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Levi & Korsinsky is investigating the Board of Directors of Johnson Controls Inc. (NYSE: JCI) in connection with the sale of the Company to Tyco International plc. (NYSE: TYC). Under the terms of the transaction, Johnson Controls shareholders may elect to receive, per share, either (a) one ordinary share in the combined company or (b) $34.88 in cash. The merger is structured as an “inversion” merger, wherein the combined company is expected to maintain Tyco’s Irish legal domicile and global headquarters.
The investigation concerns whether the Board of Johnson Controls breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Tyco International plc is underpaying for Johnson Controls shares.
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