Quoting unnamed sources, the Wall Street Journal first revealed the two companies to be in talks in August.
While the two companies had remained silent on the matter, Nortek has now admitted to having been in receipt of an “unsolicited proposal” to acquire the company but has not named the other company involved.
As a result of the approach, Nortek says it commenced a review of strategic alternatives. “That review is now complete and all discussions in relation to this proposal have now ended,” it says.
Michael J Clarke, president and CEO of Nortek, stated, “There have been rumours in the press that have created a distraction for us, and we want to thank all our customers and employees for their patience in dealing with any uncertainty this may have caused. We are eager to put this behind us and remain committed to serving our customers, growing our business and increasing shareholder value.”