Miranda Technologies Inc. (MT) jumped the
most since the company was publicly listed in 2005 after the
Montreal-based maker of broadcasting equipment agreed to be
bought by competitor Belden (BDC) Inc.
Miranda jumped 64 percent to close at C$16.87 in Toronto,
its biggest increase since the company was listed on Dec. 8,
2005. That was short of the C$17 a share buyout price offered by
Belden. Miranda closed at C$10.25 yesterday, below its initial
public offering price of C$11.25.
Belden, based in St. Louis, Missouri, today agreed to make
an all-cash offer for Miranda, which Miranda said was 42 percent
more than the volume-weighted average price of C$11.99 in the 90
days through yesterday. Belden said it isn’t planning to make
any changes to Miranda’s activities, including research-and-
development and manufacturing operations in Montreal.
“This is a fantastic deal for Miranda’s shareholders,”
Kris Thompson, an analyst at National Bank Financial in Toronto,
said in a note to clients. Thompson recommends investors sell
their shares to Belden “as we do not expect a superior bid and
we expect Miranda’s future operating performance to come under
pressure in a challenged sector.”
Miranda said March 21 that it had received expressions of
interest and was planning to hold discussions with potential
strategic partners.
To contact the reporter on this story:
Frederic Tomesco in Montreal at
tomesco@bloomberg.net
To contact the editor responsible for this story:
Ed Dufner at
edufner@bloomberg.net
Please enable JavaScript to view the comments powered by Disqus.
Open all references in tabs: [1 – 10]