Reuters: Technology News: Belden to buy Canada's Miranda Tech for C$377 million

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Belden to buy Canada's Miranda Tech for C$377 million Jun 5th 2012, 12:46 Tue Jun 5, 2012 8:46am EDT (Reuters) - Cable and networking product manufacturer Belden Inc said on Tuesday that it would acquire Canadian rival Miranda Technologies Inc for C$377 million ($362.1 million) to increase its presence in niche markets. The C$17-a-share offer is a 64 percent premium to Miranda's Monday closing price of C$10.39 on the Toronto Stock Exchange. The offer, which is not subject to any financing conditions, has the backing of Miranda's board, Belden said. St. Louis-based Belden said on Tuesday that the deal would help it to cater to the needs of the television broadcast industry. Montreal-based Miranda provides technology for TV broadcasters to create and distribute high-definition video. "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," Belden Chief Executive Officer John Stroup said in a statement. (Reporting By Euan Rocha in Toronto and Bijoy Koyitty in Bangalore; Editing by Saumyadeb Chakrabarty and Lisa Von Ahn)

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