Talks aimed at ending hostile bid for ADT
Created: May 20, 1997 11:00 AM
Western Resources Inc. on a possible end to Western's hostile bid for ADT, the largest provider of electronic-security systems in the US and UK, reports Bloomberg News.
The talks also centre on settlement of outstanding litigation between the two, including a Western lawsuit in Bermuda, according to an ADT filing with the Securities and Exchange Commission.
Kansas-based Western is offering $22.50 a share in cash and stock to acquire ADT, but ADT has accepted a friendly stock offer by Tyco International Inc., originally valued at $29 a share, for a total of $5.6 billion.
There is no assurance that any agreement will be reached with Western, ADT stated.