Nortek said it terminated its bid for Transway.

Nortek terminated the offer because Transway International’s board of directors agreed to a merger with International Controls Corp. The Transway board entered into the pact with a subsidiary of International Controls for $24 a share in cash and subordinated debentures worth another $24 a share. Transway spokeswoman Elizabeth Howard said there are 6.7 million outstanding shares of Transway stock. Providence, R.I.-based Nortek said it will sell all of the Transway stock that it has acquired to the International Controls affiliate. Nortek launched its bid for control of Transway in August.