MONTREAL – Miranda Technologies, a Canadian supplier of high-tech infrastructure equipment to the TV and broadcast industry, confirmed Wednesday that it is in talks with potential buyers.
After acknowledging receipt of “a number of unsolicited expressions of interest regarding potential transactions and partnerships” over the last year, the Montreal-based company said in a note to shareholders that its board of directors has authorized a more structured process be put in place “to review further expressions of interest and to hold discussions with potential strategic partners”.
In addition, the company announced that Thomas Cantwell will retire from the board during its annual general meeting on April 17, to be replaced by Enablence Technologies CEO Tim Thorsteinson. Six other board members, including current president and CEO Strath Goodship, will also be put to vote.
According to a TV Technology report, Thorsteinson is known for positioning companies for sale in the TV gear industry. He was president of the Harris broadcast division from 2006 to 2009 after serving as the chief executive at Leitch Technology, which Harris acquired in 2005 in a $450 million stock deal. Before that, Tektronix put him in charge of the Grass Valley Group, which it sold to Thomson in 2002.
Miranda is supplying broadcast infrastructure equipment to NBC for its coverage of the Summer Olympics in London, and is also converting TV stations to high-definition signals in emerging markets.
