common shares of Bermuda-registered ADT Ltd.

The warrant, issued to Republic on July 1, 1996, gave Republic the right to acquire the shares for $20 each, then the current market price.

The 9.6 percent stake, valued at $405 million, gives Republic a 35 percent gain.

Republic, whose largest shareholder is Bermuda resident Michael DeGroote, acquired the option to buy the shares as part of Republic's $4 billion bid for the company.

Republic would later drop its offer after Kansas-based power company Western Resources Inc., which holds about 27 percent of Republic, opposed the move.

Western, through a legal move, had tried to block Republic from buying the 15 million shares.

Last week, Tyco International Ltd. agreed to buy ADT for $5.4 billion, well above Western's hostile bid for the company.

Republic is a diversified holding company with subsidiaries operating in the solid waste services, electronic security services, car rental and retailing.

ADT is the largest electronic security services company in the US.