United Technologies nears close of Chubb deal
July 10, 2003
HARTFORD, Conn. - United Technologies Corp., the building systems and aerospace conglomerate, announced Thursday that about 45 percent of shareholders of Chubb Plc had approved UTC's $1 billion bid for the London-based security services company.
The boards of Chubb and UTC, based here, in early June approved the deal, which had been in discussions since April. The acquisition is expected to give UTC a springboard from which to enter the security industry, which the company would have already accomplished if its 1999 bid for Honeywell had not failed.
UTC officials also said Thursday that the company had extended its offer to purchase Chubb shares until July 28. The previous deadline for Chubb shareholders to tender their shares expired Wednesday.
The deal, which is expected to close in the third quarter, is still subject to shareholder and regulatory approval.