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Miranda Technologies board recommends sale to Belden

After being snubbed by the board of Ruggedcom, St. Louis based Belden sent all the right signals to Miranda's boa
After being snubbed by the board of Ruggedcom, St. Louis based Belden sent all the right signals to Miranda's board.

After being snubbed by the board of RuggedCom, its appears St. Louis-based Belden (NYSE:BDC) may have a Canuck deal after all.

Today, the board of Miranda (TSX:MT) recommended to shareholders that they accept a $17 offer from the St. Louis based company. Belden is a manufacturer of signal transmission and networking products used in demanding environments.

On December 19th, Belden made a made a $22 all cash offer for the Vaughn, Ontario based RuggedCom, but was bested by a $33 Offer from Siemens Canada made at the end of January.

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The Belden offer for Miranda represents a premium of 42% to the 90-trading-day volume-weighted average share price of $11.99 as of June 4, 2012, the last trading day before the announcement of the offer.

Miranda President and CEO Strath Goodship, said: “The offer by Belden reflects the value created by our employees, management team and board of directors. This is an attractive opportunity for Miranda shareholders to realize a significant premium for their shares in an all-cash deal. 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. Together, we can continue to build on our success as a premium provider to the broadcast industry.”

Miranda’s technology was attractive to suitors because of the rise of high-definition TV. The company, which was formed more than two-decades ago and went public late in 2005, is the back end that aggregates content and manages the signal path processing and monitoring required by the multi-format environments that are modern television production facilities. The company has grown from $129 million in revenue in fiscal 2008 to just under $182 million in fiscal 2011.

At press time shares of Miranda were up 62% to $16.87.

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About The Author /

Nick Waddell
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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