AFC Cable Systems, Inc. Terminates Agreement With Thomas & Betts.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Aug. 27, 1999-- Thomas & Betts Corporation (NYSE NYSE See: New York Stock Exchange :TNB TNB Tenaga Nasional Berhad (electric power utility in Malaysia) TNB Tacoma Narrows Bridge TNB Thomas and Betts TNB Trinitrobenzene TNB Télévision Nationale du Burkina (Burkina Faso) ) announced today that AFC Cable Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AFCX) has notified Thomas & Betts that it intends to terminate the parties' merger agreement in order to accept an alternative acquisition proposal, unless Thomas & Betts agrees to match the alternative proposal. Thomas & Betts has notified AFC Cable that it does not intend to submit a revised offer and waives its right to do so under the merger agreement. Under the terms of the merger agreement between Thomas & Betts and AFC Cable, Thomas & Betts is entitled to receive from AFC Cable a termination fee of $16 million. Thomas & Betts is a leading producer of connectors and components for worldwide electrical and electronic markets. |
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