ADT Corp, the home security company recently spun off from Tyco International Ltd, said on Thursday that it had held constructive discussion with Corvex Management LP, an investment firm that has taken a 5.02 percent stake.Founded by Keith Meister, one of activist investor Carl Icahn's longtime associates, Corvex said in a filing with the U.S. Securities and Exchange Commission that it believed ADT shares were undervalued and had met with management to discuss strategy. It may purchase additional shares.The purchases began on Sept. 17, when ADT began trading on a when-issued basis, and continued once the stock began trading on the open market on Oct. 1.George Soros' Soros Fund Management owns a 0.25 percent stake in ADT, the filing showed.
Tyco International Ltd is a Switzerland-based holding company of Tyco Group. Shares of TYC traded higher by 0.57% or $0.15/share to $26.67. In the past year, the shares have traded as low as $26.44 and as high as $58.12. On average, 4479900 shares of TYC exchange hands on a given day and today's volume is recorded at 587935.
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