Miranda Technologieshas accepted a takeover bid from Belden which will see the latter purchasing all remaining common shares at a price of C$17.00 each.
The offer represents the culmination of a strategic review process initiated by the Corporation’s Board of Directors in March 2012 in order to review opportunities to further enhance value and build on the Corporation’s momentum. A special committee of the Board of Directors (the “Special Committee”) led the review process.
Strath Goodship, Miranda’s president and CEO, commented: “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 shares closed on a record D$16.87 on the back of the news.