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ADT LIMITED
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(Name of Registrant as Specified In Its Charter)
WESTERN RESOURCES, INC.
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The following news release/employee update was issued by Western Resources,
Inc. on July 2, 1997:
WESTERN RESOURCES STANDS
TO GAIN MORE THAN $700 MILLION,
CONTINUES SECURITY GROWTH
WITHOUT ADT
TOPEKA, Kansas, July 2, 1997 (2:00 p.m. CDT) -- Western Resources (NYSE:WR)
today announced it stands to gain $710 million at today's conversion price on
its 38 million shares of ADT Limited common stock. At the current market price,
the company's ADT stock is worth more than $1.3 billion. Since its initial
investment in December 1995, Western Resources' $590 million in ADT holdings
have been financed entirely with short-term borrowings. "Our innovative strategy
of investing in the security business has paid off in two ways -- a huge gain
through ADT and a leading position in the industry as the third largest security
company in the country," said John E. Hayes, Jr., Western Resources chairman of
the board and chief executive officer. In light of the premium price paid by
Tyco for ADT, Western Resources is today withdrawing its exchange offer for ADT
while it continues to pursue legal action in Bermuda seeking to receive cash at
the full value of the ADT shares. Hayes also said the market place can expect
more innovative moves from Western Resources.
"We have announced a creative strategic alliance with ONEOK to handle our
natural gas operations, giving us 45 percent ownership in the 8th largest gas
company in the nation," he said. "Combine that with our Kansas City Power &
Light merger and our international business, through our subsidiary, The Wing
Group, and we are growing our company to meet consumer demands while providing
tangible shareowner value."
Western Resources (NYSE:WR) is a full-service, diversified security and energy
company with total assets of more than $6 billion. Its utilities, KPL and KGE,
operating in Kansas and Oklahoma, provide natural gas service to approximately
650,000 customers and electric service to approximately 600,000 customers.
Western Resources, through its subsidiary Westar Security, also is the
third-largest monitored security provider in the country, operating in 46 states
in the U.S. Through its other subsidiaries, Westar Energy, Westar Capital, and
The Wing Group, a full range of energy and energy-related products and services
are developed and marketed in the continental U.S. and offshore. For more
information about Western Resources and its operating companies, visit us on the
Internet at http://www.wstnres.com.
This news release/employee update is neither an offer nor an exchange nor a
solicitation of an offer to exchange shares of common stock of ADT Limited. Such
offer is made solely by the Prospectus dated March 14, 1997, and the related
Letter of Transmittal, and is not being made to, nor will tenders be accepted
from or on behalf of, holders of shares of common stock of ADT Limited in any
jurisdiction in which the making of such offer or the acceptance thereof would
not be in compliance with the laws of such jurisdiction. In any jurisdictions
where securities, blue sky or other laws require such offer to be made by a
licensed broker or dealer, such offer shall be deemed to be made on behalf of
Western Resources, Inc. by Salomon Brothers Inc; Bear, Stearns & Co. Inc; and
Chase Securities Inc, or one or more registered brokers or dealers licensed
under the laws of such jurisdiction.
