Murray Hill, NJ -- February 06, 2002 -- C. R. Bard, Inc. (NYSE-BCR) today announced that Bard and Tyco International Ltd. have mutually agreed to terminate their merger agreement. Bard also stated that in connection with the termination, each party will bear its own costs and expenses.
"We have always acted in the best interest of our shareholders," commented William H. Longfield, Bard's chairman and chief executive officer. "We now believe that the best course of action for our shareholders, as well as our employees, is for Bard to remain an independent company. Our business is healthy and viable. Bard's management team remains intact. Our recent financial performance has been excellent and our outlook is positive. We will be communicating more detailed information on our future outlook within a few days."
C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey, is a leading multinational developer, manufacturer and marketer of health care products in the fields of vascular, urology, oncology and surgical specialty products.