Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, today announced it has entered into a definitive agreement (“Support Agreement”) to make an all-cash offer to acquire Miranda Technologies Inc. (TSX: MT) for C$17.00 per share (“Offer”).
- Combined company would be a clear leader in the broadcast market for networking, connectivity, and cable solutions;
- The acquisition increases the percentage of Belden’s revenue from networking and connectivity products from 30% to 36%;
- All-cash offer provides immediate value for Miranda shareholders; and
- Offer is not subject to any financing contingency.
Under the terms of the Support Agreement, Belden will offer to acquire all of the outstanding Miranda common shares for C$17.00 in cash per share. This represents an enterprise value of approximately C$345 million. The board of directors of Miranda, after consultation with its financial and legal advisors, has unanimously agreed to recommend to Miranda shareholders that they accept the Offer and tender their shares to the Offer.
Headquartered in Montreal, Quebec, Canada, Miranda is a leading provider of hardware and software solutions for the broadcast infrastructure industry. Miranda provides solutions for TV broadcasters and content developers to create, manipulate, and distribute High Definition Video. Its solutions span the full breadth of television operations, including production, playout, and delivery.“This acquisition is another step in the ongoing transformation taking place at Belden,” said John Stroup, President and CEO of Belden. “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. As Hirschmann significantly enhanced our industrial portfolio, we expect Miranda to have a similar impact on our broadcast business. I’m excited about the opportunity ahead for us.”