Belden To Acquire Miranda Technologies; Expects Miranda Operations to Remain As Is
Belden has entered into an agreement with Miranda Technologies to purchase all outstanding common shares of Miranda by way of a take-over bid at a price of $17 Canadian per share in cash, a premium of 42% over the weighted average of the past 90 days.
“The offer by Belden reflects the value created by our employees, management team and Board of Directors,” says Strath Goodship, Miranda’s President and Chief Executive Officer. “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 and Belden will develop an integration plan that best leverages the combined capabilities of the two companies. 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. With no significant product overlap, the primary focus will be to ensure continuity of supply and support for customers of both companies.