Nortek, whose businesses include residential A/V and home-automation brands, considered but spurned an unsolicited offer to be purchased, the company acknowledged.
The financially ailing public company said that after receiving the unsolicited proposal, its board and advisers “commenced a review of strategic alternatives.” That review “is now complete, and all discussions in relation to this proposal have now ended,” the company said.
“There have been rumors in the press that have created a distraction for us,” said president/CEO Michael Clarke. “We are eager to put this behind us and remain committed to serving our customers, growing our business and increasing shareholder value."
The acquiring company was reported to be United Technologies.
Nortek’s businesses include the Core Brands group of residential and commercial A/V and home-control brands, commercial and industrial ventilation brands, residential and commercial HVAC, and security and control systems.
In its previous fiscal year, Nortek’s consolidated sales grew 11.3 percent to $2.55 billion following 2012’s 3.9 percent gain, but net losses ballooned to $45.6 million from 2013’s net loss of $8.3 million. In 2012, Nortek posted net income of $9.5 million following net losses of $55.9 million and $13.4 million in 2011 and 2010, respectively.