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Western still pursuing ADT lawsuit

International Ltd.'s purchase of ADT Ltd., but will pursue the suit in hopes of gaining cash instead of Tyco shares in the transaction, Bloomberg reported yesterday.

Western Resources disputed an ADT statement yesterday that said a Western Resources attorney told the Supreme Court of Bermuda that the company no longer wants to stop the acquisition and that Western withdrew its request that the court stop the transaction.

Western said it is pursuing its hostile bid for ADT, announced in December.

"We're not dropping our bid for ADT. We continue to vigorously pursue getting appraisal rights in the Bermuda court system and we are continuing to review our options with respect to the Tyco transaction,'' said Western Resources spokeswoman Michel Philipp.

Philipp said confidentiality requirements in Bermuda's courts bar her from saying how the suit was modified.

Western agreed to pay some of ADT's legal costs after ADT agreed to withdraw its request that Topeka, Kansas-based Western's lawsuit be dismissed, both companies said.

ADT and Western Resources began holding discussions last month on ending Western's hostile bid for ADT. Western offered $22.50 a share in December to acquire ADT. ADT, though, accepted a friendly offer from Exeter, New Hampshire-based Tyco, originally valued at $29 a share, or about $5.6 billion, in Tyco stock.

ADT and Tyco officials were not immediately available for comment. Both companies' shareholders will vote on the acquisition on July 2.

ADT shares rose 7 to 311 . Western Resources shares rose 3 to 321 . Tyco shares rose 7 to 651 .

COURT CTS