Nortek Receives Unsolicited Acquisition Proposal and Reviews Strategic Alternatives

Nortek's management disclosed that the company received an unsolicited proposal to acquire the company, which, along with related market rumors and a review of strategic alternatives, negatively impacted its business. The company has since ended all such sale-related activity.

“During the quarter, we believe that the receipt of an unsolicited proposal to acquire the Company, related market rumors and activity related to the Company’s review of strategic alternatives had a negative impact on our business, employees and customers, primarily in our HVAC segment and to a lesser extent in our Security and Custom Air segments. We have ended all such activity, and we are working to put the uncertainties and distractions related to this issue behind us.”

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