Having failed to find a suitable buyer, Tyco International Ltd., intends to sell 100% of CIT Group, in an initial public offering.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The company is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
The announcement came yesterday after Tyco's shares dropped another 15 % on concerns about its strategic changes, heavy debt load, accounting policies and about the execution risk inherent in such a large public offering.
