Miranda Technologies has accepted an offer from Belden that valued the company at C$17 (€13.16) per share.
The bid resulted in a 64% hike in Miranda’s share price, closing on Tuesday at C$16.87, the highest increase since Miranda floated on the Toronto Stock Exchange in December 2005.
Strath Goodship, Miranda’s President and Chief Executive Officer, said: “The offer by Belden reflects the value created by our employees, management team and Board of Directors. Belden has a strong portfolio of successful businesses, proven experience with many of our broadcast customers, and a solid reputation in Canada and Montreal.”
Belden’s offer follows a strategic review initiated by Miranda’s board of directors. In a statement Miranda said this had resulted in a number of offers for the company.
An integration plan is now under development, though the statement said Belden has no plans for any changes to Miranda’s existing operations, including the R&D and manufacturing operations located at its Montreal base.