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.
