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Cool Heads at Johnson Controls
By Stephen D. Simpson, CFA
August 26, 2005

With apologies to William Shakespeare: Alas, poor York International (NYSE: YRK), I knew you, but not nearly well enough. So, I'll just have to stand on the sidelines and wave goodbye as you get taken out by Johnson Controls (NYSE: JCI) at a pretty respectable premium.

On Wednesday, Johnson Controls, which makes automotive parts and systems and building controls, announced that it was buying York International, which makes HVAC (heating, ventilation, and air conditioning) equipment, in a $3.2 billion, $56.50-per-share, all-cash deal...
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