Nortek (NTK) Has Ended Acquisition Talks with United Technologies
Nortek (Nasdaq: NTK) has "ended discussions to sell the company."
Those discussions have ended, according to a brief statement by Nortek, which did not identify UTX as as the company that made an "unsolicited proposal to acquire the Company."
After spiking to nearly $93 in August, shares of NTK have normalized. The price today was $66.50, up 2.23% for the day and unchanged in after-hours trading.
Nortek owns Core Brands and 2Gig, two major brands in the security and custom integration markets. United Technologies owns Interlogix, a 2Gig competitor.
Nortek's statement is below.
Nortek Announces That It Has Ended Discussions to Sell the Company
PROVIDENCE, R.I., Oct. 8, 2015 /PRNewswire/ -- Nortek, Inc. ("Nortek" or the "Company") (Nasdaq:NTK), announced today that following receipt of an unsolicited proposal to acquire the Company, the Board and its advisors commenced a review of strategic alternatives. That review is now complete and all discussions in relation to this proposal have now ended.
Michael J. Clarke, President and CEO of Nortek, stated, "There have been rumors in the press that have created a distraction for us, and we want to thank all our customers and employees for their patience in dealing with any uncertainty this may have caused. We are eager to put this behind us and remain committed to serving our customers, growing our business and increasing shareholder value."
The Company undertakes no obligation to further comment on this matter nor to update the information contained in this release.
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Julie Jacobson is founding editor of CE Pro, the leading media brand for the home-technology channel. She has covered the smart-home industry since 1994, long before there was much of an Internet, let alone an Internet of things. Currently she studies, speaks, writes and rabble-rouses in the areas of home automation, security, networked A/V, wellness-related technology, biophilic design, and the business of home technology. Julie majored in Economics at the University of Michigan, spent a year abroad at Cambridge University, and earned an MBA from the University of Texas at Austin. She is a recipient of the annual CTA TechHome Leadership Award, and a CEDIA Fellows honoree. A washed-up Ultimate Frisbee player, Julie currently resides in San Antonio, Texas and sometimes St. Paul, Minn. Follow on Twitter: @juliejacobson Email Julie at email@example.com
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