Tyco Plastics Unit Auction Reportedly Delayed - TheStreet

Tyco Plastics Unit Auction Reportedly Delayed

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Tyco's

(TYC)

auction of its plastics unit is being delayed as bidders reportedly await the results of an audit.

The unit attracted bids of up to $3 billion in the auction's first round last month, but several of the bidders told

The Wall Street Journal

that a deadline for Tyco to provide audited financials for the business has been moved back.

The newspaper reported that some of the bidders are concerned the delay might mean Tyco has uncovered accounting problems at the unit; others dismiss that possibility. Another scenario is that Tyco is negotiating exclusively with one of the bidders and is delaying the audit results until it closes a deal.