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.