ADT Says ‘Go-Shop’ Period Expires; Apollo Acquisition to Move Forward
ADT actively solicited alternative acquisition proposals during the 40-day period from 24 potential acquirers.
Apollo Global Management's deal for ADT Corp. is expected to close this summer following the conclusion of a 40-day "go-shop" period with no bidders.
BOCA RATON, Fla. – ADT Corp. said today its acquisition by private-equity firm Apollo Global Management is expected to close by June after a 40-day “go-shop” period ended with no bidders.
In a press release the company stated:
ADT and its representatives actively solicited alternative acquisition proposals during the go-shop period from 24 potential acquirers. During such time, none of these parties executed a confidentiality agreement or otherwise expressed an interest in pursuing a transaction, and no other party proposed an alternative transaction.
In February, Apollo said it was acquiring the publicly traded home-security company in a deal worth about $6.93 billion. Go-shop period provisions allow companies involved in an acquisition to continue looking for competing offers during a certain time frame.
The deal is still subject to ADT stockholder approval and other closing conditions.
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About the Author
Rodney Bosch, Senior Editor
Although Bosch’s name is quite familiar to those in the security industry, his previous experience has been in daily newspaper journalism. Prior to joining SECURITY SALES & INTEGRATION in 2006, he spent 15 years with the Los Angeles Times, where he performed a wide assortment of editorial responsibilities, including feature and metro department assignments as well as content producing for latimes.com. Bosch is a graduate of California State University, Fresno with a degree in Mass Communication & Journalism. In 2007, he successfully completed the National Burglar and Fire Alarm Association’s National Training School coursework to become a Certified Level I Alarm Technician.
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