Belden is launching a friendly takeover of Miranda Technologies, a manufacturer of networking, connecting and cabling technology for the broadcast industry, for $345 million.
June 5, 2012
by PLANT STAFF
MONTREAL: Belden Inc. is launching a friendly takeover of Miranda technologies, a manufacturer of networking, connecting and cabling technology for the broadcast industry in a cash deal worth about $345 million.
Belden, a competitor of Miranda’s with facilities in Montreal, Cobourg, Ont. and Vancouver, said it has entered into a “definitive agreement” for $17 per share, representing a 42% premium.
It has no plans to change Miranda’s existing operations, including an R&D and manufacturing operations in Montreal base, and Miranda expects no “significant” changes to employment levels.
“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, as well as provide growth opportunities to Miranda employees,” said John Stroup, president and CEO of Belden.
The companies said there is no significant product overlap.