ADT Agrees To $450M Share Repurchase Deal With Corvex

Law360, New York (November 25, 2013, 4:55 PM EST) -- The ADT Corp. on Monday said it has agreed to pay over $450 million to buy back 10.24 million shares of the electronic security company’s common stock from hedge fund Corvex Management LP.

The deal calls for a repurchase price of $44.01 per share, which equals ADT's closing share price on Friday. Additionally, Corvex founder and managing partner Keith Meister has resigned from the ADT’s board of directors, according to ADT.

After the stock repurchase, Corvex will continue to own a “meaningful number” of ADT shares....
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