ADT talks with shareholder spur stock surge
BOCA RATON, Fla. -- ADT Corp., the home monitoring business spun off recently by Tyco International Ltd., said Thursday it has held "constructive" talks with activist shareholder Corvex Management LP. Its shares jumped higher on speculation of an additional investment.
In a filing with the Securities and Exchange Commission, ADT said it has had discussions with Corvex and others but did not divulge details.
Corvex, founded by Keith Meister, an associate of activist investor Carl Icahn, has taken a 5 percent stake in ADT, which is based in Boca Raton. George Soros' Soros Fund Management has a 0.25 percent stake in the company, the SEC filing showed.
Shares in ADT rose $2.84, or 7.5 percent, to close at $41.16.