UPDATE 1-Protection One to go private for $392 mln

* Private equity firm GTCR offers $15.50 a share

* Majority shareholders agree to tender shares

April 26 (BestGrowthStock) – Electronic security company Protection
One (PONE.O: ) said it would be taken private by affiliates of
private equity firm GTCR for about $392 million.

An affiliate of GTCR will make a tender offer of $15.50 a
share, which represents a premium of 13 percent to Protection
One’s Friday closing price, on May 3.

The deal value is based on the company’s 25.3 million
shares outstanding as of March 5, according to Reuters data.

Earlier this month, Reuters had reported that a number of
firms are expected to submit offers for Kansas-based Protection
One, which in January said it was exploring strategic
alternatives. [ID:nN20125997]

The deal values the company at $828 million, including
debt.

Affiliates of Quadrangle Group LLC and Monarch Capital
Partners, which together own about 70 percent of Protection
One’s outstanding shares, have agreed to tender their shares
for the offer, the company said.

Chicago-based GTCR manages more than $8 billion in equity
and mezzanine capital, according to its website.

The deal is expected to be completed in the second quarter
of 2010.

Shares of Protection One were trading up 12 percent at
$15.40 Monday early morning on Nasdaq.

Growth Stocks

(Reporting by A.Ananthalakshmi in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-Protection One to go private for $392 mln