Nortek says company is not being sold

NORTEK INC. said that it has ended discussions to sell the company.
NORTEK INC. said that it has ended discussions to sell the company.

PROVIDENCE – Nortek Inc. said that it has ended discussions to sell the company.

Nortek, a manufacturer of home and office security solutions, ventilation and air management products, and heating and cooling systems, said it received an unsolicited proposal to acquire the company.
After the board and its advisers reviewed the proposal, “all discussions in relation to this proposal have now ended,” a news release from Nortek said.
“There have been rumors 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,” Michael J. Clarke, Nortek president and CEO, said in a statement.
The Wall Street Journal reported in August that Hartford, Conn.-based United Technologies Corp. was in talks to buy Nortek.

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