Tyco International Ltd.'s (NYSE:TYC) remarkable comeback from scandal appears poised for its final act, and like most things surrounding the one-time sprawling conglomerate there figures to be no shortage of drama should the company go on the block.

Switzerland-based Tyco has spent the better part of the past decade lifting itself out from under the shadow of Dennis Kozlowski. The former CEO, who oversaw a massive expansion involving more than 100 deals while at Tyco, was convicted in 2005 of crimes related to misappropriation of corporate funds.

Ed Breen, who replaced Kozlowski in 2002, has won high marks for his work restructuring the company and for his 2006 move to break it into three more-focused units. More recently Tyco International, which houses the company's fire, security and engineered products division, has gone on the offensive, doing deals including spending $2 billion last year to acquire Brink's Home Security Holdings Inc. and combine it with its own ADT security unit.

That hard work could soon be rewarded. Market rumors surfaced last week that an unnamed European suitor, which Bloomberg News reported Monday was France's Schneider Electric SA (Paris:SU.PA), is weighing a takeover offer for Tyco. The companies involved offered no comment, and the report said no deal is imminent.

Tyco shares traded up 2.8% to $48.48 late Monday afternoon, giving the company a market capitalization of $15 billion. But multiple sources reached Monday speculated that Schneider might be forced to offer as much as $65 per share, or more than $30 billion, to woo Breen and Tyco and to deter bigger suitors such as United Technologies Corp. (NYSE:UTX), Honeywell International Inc. (NYSE:HON) and Siemens AG (NYSE:SI) from mounting rival bids.

Siemens in particular is seen as a strong candidate to make a run at Tyco.

"This is a premium company in a consolidating market," a security consultant said. "Fire and security is a global growth platform, and Tyco, following its Brink's deal, is a premier U.S. target."

The consultant said it is unclear whether Honeywell, which makes security equipment, would want to move into the monitoring business, but said a host of telecom and cable companies with existing links to homes and businesses could also be interested.

A long shot would be a merger between Tyco and Stanley Black & Decker Inc. (NYSE:SWK), which is smaller than Tyco but has been expanding aggressively and has indicated a desire to grow in the security sector. "You can make a long list of possible scenarios," the consultant said.

Which would make for an interesting auction. If the subject is Tyco, one should expect nothing less.