The chief executive of Tyco International Ltd, (TYC.N), Ed Breen, has exercised stock options for proceeds of about $5.38 million, a regulatory filing showed on Thursday. Breen bought 152,358 stock options at $15.89 each and sold the shares for an average of $51.21, according to the filing with the U.S. Securities and Exchange Commission. Tyco shares have gained more that 10 percent this week since reports first surfaced of a possible takeover bid for the maker of security and safety systems. France's engineering giant Schneider Electric SA (SCHN.PA) has approached lenders, including French banks, about financing a potential takeover, two people familiar with the matter said this week. Analysts have said such a bid would need to value Tyco at around $65 a share.
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