Delay in AFC Cable Systems/Thomas & Betts Merger.PROVIDENCE, R.I.--(BUSINESS WIRE)--June 14, 1999--
AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. 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) today announced, following a special meeting of its Board of Directors, that its pending merger with 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 Télévision Nationale du Burkina (Burkina Faso) ) will not be completed in the first half of 1999, as previously expected. The Company said in light of recent developments, it is unable to predict when the proposed merger with Thomas & Betts will be completed or whether it will be completed at all.
AFC Cable Systems and Thomas & Betts entered into a merger agreement in January 1999. The proxy materials Proxy Materials
Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other for the transaction are still under review by the Securities and Exchange Commission. The SEC has raised certain questions concerning the availability of pooling of interests Pooling of Interests
An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together.
The opposite of pooling of interests is the purchase acquisition method. accounting treatment, a condition for completing the merger. The parties are continuing to respond to SEC comments and are considering whether any changes to the transaction may be required or could be made in order to allow the merger to qualify for pooling. There can be no assurance that the parties will be able to satisfy the SEC?s concerns or to agree on any changes to the transaction that may be required or could be made in order to address those concerns or to complete the transaction.
In addition, the Company said it has received an unsolicited written proposal from a third party to acquire AFC Cable Systems. The Board of Directors of AFC Cable Systems has engaged a financial advisor and is evaluating this proposal. Although the Company has granted two prior requests for an extension of the termination date termination date,
n See expiration date. under the merger agreement, AFC Cable Systems has declined Thomas & Betts? request for a further extension. Without such an extension, the merger could not be consummated prior to the termination date. Depending upon the resolution of the issues with the SEC, further discussions with Thomas & Betts and the development of the third-party proposal, the Board of AFC Cable Systems will determine how to proceed in the best interests of its shareholders.
AFC Cable Systems is a leading manufacturer of cost and labor saving electrical and communication products and systems used primarily in construction and renovation of nonresidential buildings.