ADT Corp (NYSE:ADT) is a provider of monitored security, interactive home and business automation, and related monitoring services in the United States and Canada. After reaching a 2016 low of $24.94, ADT shares rose on February 15, 2016, in response to the announcement that private equity firm Apollo Global Management had agreed to acquire ADT for $42 per share, a slight discount to our mid-$40s estimate of business value. Apollo plans to combine ADT with its own alarm monitoring business, Protection One. We exited our roughly two year position at the end of February for a modest gain.
From Wallace Weitz (Trades, Portfolio)'s third quarter 2016 Partners Value Fund commentary.
