Archive for Wednesday, November 3, 1999

PROTECTION ONE ENDS SALE OF CANADIAN UNIT TO VOXCOM

November 3, 1999

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Protection One ends

sale of Canadian unit

Protection One Inc., the second-largest U.S. security-alarm company, canceled the $27 million sale of its Canadian operations to Voxcom Inc. because of Voxcom's inability to get financing.

The transaction was contingent upon Voxcom arranging financing, including a stock offering, by Nov. 1. Culver City, California-based Protection One said it will consider selling the operations to other companies or may just keep the unit.

Protection One is 85 percent-owned by Western Resources Inc., a Topeka, Kansas-based electric utility company. The shares of Protection One fell 1/2, or 26 percent, to 1 7/16. In the past 12 months, they've fallen 87 percent. Western Resources shares were unchanged at 23.

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