MONTREAL – Broadcast equipment company Miranda Technologies has agreed to a takeover bid by its U.S. competitor Belden Inc.
Belden offered $17 per share cash for the Montreal-based company in an offer valued at approximately $370 million. Miranda said that the offer comes as a result of a strategic review process initiated by its board of directors in March designed to “review opportunities to further enhance value and build on the corporation’s momentum”.
“This is an attractive opportunity for Miranda shareholders to realize a significant premium for their shares in an all cash deal”, said Miranda president and CEO Strath Goodship, in a statement. “Belden has a strong portfolio of successful businesses, proven experience with many of our broadcast customers, and a solid reputation in Canada and Montreal. Our businesses and technologies are highly complementary and bringing them together will generate a more complete set of end-to-end solutions for our customers.”
The statement added that Belden has no plans for any changes to Miranda’s existing operations, including the R&D and manufacturing operations located at its Montreal base, and it is not expected that there will be any significant changes to employment levels.
