ADT deal may hinge on share scheme
Created: Jul 12, 1996 11:00 AM
necessary for approval of its sale to Republic Industries Inc., the Wall Street Journal said.The newspaper cited a regulatory filing made by the company earlier this week.
necessary for approval of its sale to Republic Industries Inc., the Wall Street Journal said.
The newspaper cited a regulatory filing made by the company earlier this week.
ADT wants to reduce the number of shares to a simple majority from the currently required two-thirds.
The request is probably to help deflect Western Resources Inc.'s objections to the sale.
Western owns 23.4 percent of ADT's common stock.
Last week, Republic agree to buy ADT for stock and assumed debt valued at $4 billion.
Since that announcement, it emerged that Western opposed the deal possibly because it was contemplating a takeover of ADT.
Bermuda resident Michael DeGroote, through his Bermuda holding company MDG Holdings Ltd., is a shareholder of Republic. -- Bloomberg