BRIEFLY / ELECTRICAL EQUIPMENT : Tyco to Buy AFC Cable for $575 Million

Tyco International Ltd., the world’s leading maker of electrical connectors, agreed to buy AFC Cable Systems Inc. for about $575 million in stock after Thomas & Betts Corp. dropped out of the bidding for the maker of armored cable and conduits and electrical fittings. AFC Cable shareholders will get Tyco stock valued at $45 a share for each AFC share, a 10% premium to AFC’s closing price Monday. That price is also 26% more than the offer from Thomas & Betts, which said it would walk away from its agreement to buy AFC in return for a $16-million fee. Shares of Tyco, which is based in Bermuda, closed up $1.38 at $101.31 on the NYSE. AFC jumped $2.13 to close at $43 on Nasdaq.