Nothing to be alarmed about

IS IT a yearning for security that makes so many potential partners seek solace in ADT? Last July the Bermuda-based firm, which is the largest supplier of burglar alarms in North America and Britain, faced a $4.5 billion bid by Republic Industries, a car-sales-to-solid-waste conglomerate. The deal fell apart in September. Less than three months later, Western Resources, an energy utility which has a 27% stake in ADT, made a hostile $3.5 billion bid for the company. Now, eager to escape Western's clutches, ADT has agreed to a $5.6 billion merger with Tyco International, the world's biggest maker of fire-protection systems.