Update On Nortek: Boring But Well-Performing And Well-Managed Business
Wed, Jul. 6, 7:42 AM
- Nortek (NASDAQ:NTK) agrees to be acquired by U.K. engineering turnaround specialist Melrose Industries (OTC:MLSPF) for $86/share, a 38% premium to yesterday’s closing stock price.
- The offer gives NTK an enterprise value of $2.81B, including its equity value and part of its debt.
- The bet on the U.S. housing sector, from which the maker of cooling and heating systems for homes and offices derives much of its sales, comes as the Brexit vote has cast a shadow over the U.K. economy and sent the pound tumbling to historic lows.
Aug. 20, 2015, 12:21 PM
- The WSJ reports United Technologies (UTX -1.6%) is in talks to buy HVAC/air quality/security system maker Nortek (NASDAQ:NTK).
- Nortek spiked higher on the report before getting halted.
- Update (12:23PM ET): Nortek has resumed trading, and is now up 17.6%.
- Update 2 (12:35PM ET): The full story is up. No potential deal price is given.
Mar. 21, 2014, 10:07 AM
- Nortek Inc. (NTK +4.4%) agrees to buy the HVAC business of Thomas & Betts for about $260M in cash. The deal is expected to close in Q2.
- Nortek CEO Mike Clarke: "Acquiring this business will enable us to extend our air management business into attractive adjacent segments of the HVAC market in the United States and Europe."