Alarm.com Holdings, Inc. (FRA:3RL) Files An 8-K Other EventsItem 8.01
As previously disclosed, in June 2016, ICN Acquisition, LLC (the “Buyer”), a wholly-owned indirect subsidiary of Alarm.com Holdings, Inc. (“Alarm.com” and, together with the Buyer, the “Company”), entered into an Asset Purchase Agreement, dated as of June 23, 2016, by and among the Company, Icontrol Networks, Inc. (“Icontrol”) and Fortis Advisors, LLC as the representative of Icontrol’s stockholders (as subsequently amended in November 2016, the “Asset Purchase Agreement”). to the Asset Purchase Agreement, the Company agreed to acquire two business units, Connect and Piper, from Icontrol for a purchase price of approximately $140.0 million (the “Acquisition”).
On February 22, 2017 at 12:01 a.m., the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) for the pending Acquisition, as extended by the previously disclosed timing agreement between the Company, Icontrol and the U.S. Federal Trade Commission (“FTC”), expired. The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the proposed Acquisition, which remains subject to other customary closing conditions as well as the closing of the acquisition of Icontrol’s Converge business unit by Comcast Cable Communications, LLC, a subsidiary of Comcast Corporation. Although the FTC has concluded its review of the proposed Acquisition, it has not concluded its review of pre-closing activities. With the expiration of the HSR Act waiting period, the parties are proceeding with activities required to close the Acquisition.
Subsequent to expiration of the HSR Act waiting period, on February 22, 2017, Honeywell International Inc. filed an action in the United States District Court for the District of New Jersey against Alarm.com and Icontrol seeking to enjoin the Acquisition as a violation of the antitrust laws. Alarm.com intends to defend itself vigorously in this matter.
Alarm.com Holdings, Inc. (FRA:3RL) Recent Trading Information
Alarm.com Holdings, Inc. (FRA:3RL) closed its last trading session up +0.20 at 27.73 with 0 shares trading hands.