NEW YORK (TheStreet) -- Shares of Tyco Int'l (TYC) are gaining 3.65% to $44.81 on heavy trading volume Thursday afternoon after the company said it expects to close its merger with Johnson Controls (JCI) on September 2.
Previously, the companies had planned to complete the merger on September 30, the Wall Street Journal said.
Tyco also said its board of directors has declared an accelerated dividend of 23 cents per ordinary share payable on August 26 to shareholders of record on August 5.
"This accelerated dividend pulls forward the quarterly dividend that Tyco would have declared in its fiscal fourth quarter, and is intended to align dividend payments made to shareholders of Tyco and Johnson Controls prior to the closing of the merger," the company said in a statement.
The closing of the merger is contingent on the approval of proposals by shareholders of the companies among other things, Tyco noted.
Special meetings for shareholders of Tyco and Johnson Controls are scheduled for August 17.
About 5.85 million of Tyco's shares were traded so far today compared to its average volume of 3.29 million shares per day.
Johnson Controls stock is advancing today after reporting better-than-expected earnings for the 2016 fiscal third quarter.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Tyco stock.
The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TYC