SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 1996
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NORTEK, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-6112 05-0314991
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
50 Kennedy Plaza, Providence, RI 02903-2360
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (401) 751-1600
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N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
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On April 26, 1996, the Board of Directors of Nortek, Inc. (the
"Company") and a Special Committee of the Board, after receiving investment
advice from independent financial advisers, approved the repurchase of
1,189,809 shares of its Common Stock, $1.00 par value, from three
directors, Dennis J. McGillicuddy, D. Stevens McVoy and Barry Silverstein.
The purchase price was $17 per share or a total of approximately $20.2
million.
The three directors, who no longer have an economic interest in
the Company, have resigned as directors.
The Company's press release announcing the repurchase is attached
as an exhibit hereto.
Item 7. Financial Statements, Pro Forma Financial Information and
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Exhibits.
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(c) Exhibits:
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1. Press Release of the Company dated April 26, 1996.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
NORTEK, INC.
Date: April 29, 1996 By: /s/Richard L. Bready
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Richard L. Bready
Chairman
EXHIBIT 1
NORTEK ANNOUNCES STOCK REPURCHASE
PROVIDENCE, RI, April 26, 1996--Nortek, Inc. today announced the repurchase
of 1,189,809 shares of its common stock, or approximately 10.6% of its
outstanding shares, from three directors, Dennis J. McGillicuddy, D.
Stevens McVoy and Barry Silverstein, at a price of $17.00 per share, or a
total of $20.2 million.
The repurchase was approved by the Board of Directors and by a Special
Committee of the Board after receiving investment advice from independent
financial advisers.
According to Nortek's Chairman and CEO, Richard L. Bready, "The directors,
who no longer have an economic interest in the Company, have resigned and
new directors will be selected at a later date."
Bready continued, "This transaction brings the total shares acquired under
the Company's repurchase program since November 16, 1995 to approximately
2,276,009 shares. The repurchase program is antidilutive, and if these
shares had been repurchased as of January 1, 1995, earnings per share would
have been $1.36 versus $1.19 as previously reported."
Nortek, Inc. (NYSE: NTK) manufactures and markets residential, commercial
and industrial building products.
