Belden launches $362 million bid for Canada’s Miranda Technologies
05 Jun 2012
Belden Inc, the US-based cable and networking products manufacturer, today launched a C$377 million ($362.1 million) friendly bid for Canada's Miranda Technologies Inc in order to expand into niche markets.
Belden is offering to pay C$17.00 per share in cash, a 64 per cent premium to Miranda's yesterday closing price of C$10.39 on the Toronto Stock Exchange.
Based in Montreal, Quebec, Miranda provides hardware and software solutions for the broadcast infrastructure, and is a leader with some of the strongest brands in the signal transmission industry.
Miranda offers solutions for TV broadcasters and content developers to create and distribute High Definition Video. Its solutions span the full breadth of television operations, including production, playout, and delivery.
With annual sales of $1.62 billion, St Louis-based Belden designs, manufactures, and markets cable, connectivity, and networking products in markets, including industrial automation, enterprise, transportation, infrastructure, and consumer electronics.
Belden has manufacturing sites in North America, South America, Europe and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry.
"This acquisition is another step in the ongoing transformation taking place at Belden," said John Stroup, president and CEO of Belden. "We believe that the combined company would be a leader in one of Belden's target market segments and would deliver considerable value for Belden customers and shareholders."
The board of directors of Miranda, after consultation with its financial and legal advisors, has unanimously agreed to recommend to Miranda shareholders that they accept the offer.