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hi again PK,prime13,just a note to show u an example of where i got my {assumption},maybe you can interpret it for me? PEMBROKE, Bermuda and BOCA RATON, Fla., Nov 8, 2001 /PRNewswire via COMTEX/ -- Tyco International Ltd. (TYC;), a diversified manufacturing and service company, and Sensormatic Electronics Corporation (SRM), a leading supplier of electronic security solutions to the retail, commercial and industrial marketplaces, today announced the expiration of the exchange offer by Tyco's wholly-owned subsidiary, Tyco Acquisition Corp. XXIV (NV), for all of the outstanding shares of Sensormatic common stock. The offer expired at 5:00 p.m., New York City time, on Wednesday, November 7, 2001. All shares validly tendered have been accepted for exchange.

Tyco Acquisition was advised by Mellon Investor Services, the exchange agent for the offer, that a total of 91,954,595 shares were tendered in the offer, including 3,977,713 shares delivered through notice of guaranteed delivery. This constitutes in excess of 90% of the Sensormatic common shares, including common shares issuable upon conversion of the outstanding Sensormatic preferred shares.

The exchange ratio for the offer was 0.5189 of a Tyco common share for each Sensormatic common share.

As soon as practicable after the conversion or redemption of all Sensormatic preferred shares, which Sensormatic has called for redemption on November 12, 2001, Sensormatic will be merged with and into Tyco Acquisition with the surviving company becoming a wholly-owned subsidiary of Tyco. Tyco expects that the merger will be accomplished under short-form merger procedures without a vote of Sensormatic stockholders. In the merger, Sensormatic stockholders will receive the same consideration of 0.5189 of a Tyco common share per Sensormatic common share as received by Sensormatic stockholders in the offer.

{"The offer expired at 5:00 p.m., New York City time, on Wednesday, November 7, 2001. All shares validly tendered have been accepted for exchange."}<<<<<< If there will be no choice ,shares or cash,what is the point to having an offer period at all, rather thanjust transferring share for share at set ratio at the merger?? Thanks guys??,sorry if i'm a dummy :)
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