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.