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.
($1 = 1.0411 Canadian dollars)
