Belden to buy Miranda for $330M
Belden will purchase Miranda Technologies for about $330 million.
The deal was the culmination of a long battle between Miranda’s management and investors, who have long insisted the company was undervalued, and in March, Miranda finally seated a board member who precipitated the sale .
The purchase price is $17 a share in Canadian dollars (C$345 million or U.S. $330 million). The company’s stock had been trading around $8 for much of 2011 but began climbing late last year as investors began demanding a partnership or a sale.
Belden said it 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, Belden said.
Strath Goodship, president and CEO of Miranda Technologies, said: "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 combined efforts will deliver value for all parties involved. This agreement has the full support of Miranda's management team."