Glendale-based Johnson Controls Inc. and Tyco International plc have set the date for their shareholder votes on the merger of the companies.
A special meeting of Johnson Controls shareholders will be held at 1 p.m. local time on Wednesday, Aug. 17 at The Ritz-Carlton Dallas. At the meeting, shareholders in the global multi-industrial firm will vote on approving the merger and, on an advisory basis, the compensation of the company’s executives related to the merger. Two-thirds of outstanding shares of JCI stock must vote in favor of the merger to represent an approval.
Cork, Ireland-based Tyco, which makes fire and safety products, will hold its shareholder vote the same day at 9 a.m. local time in Dublin, Ireland. Its shareholders will vote on 11 items, including the Tyco governing documents, share consolidation and issuance. Among the items to be voted on is a change in the final name of the combined company, from Johnson Controls plc to Johnson Controls International plc.
JCI is establishing its headquarters in Ireland as part of its merger with Tyco International in a tax saving move known as an inversion. The North American operational headquarters will be in the Milwaukee area. The transaction is expected to close on or around October 1.
Johnson Controls is also in the process of spinning off its automotive seating business, to be known as Adient Ltd. and headquartered in London.
