Belden to Allow Offer for RuggedCom to Expire
Belden Inc. (NYSE: BDC) has announced that it currently intends to allow its offer to acquire RuggedCom Inc. for C$22.00 per share to expire on February 9, 2012. The decision is based on today's announcement of a competing offer of C$33.00 per share, which is a purchase price that is in excess of the amount that Belden believes would have delivered fair and sufficient value for its own shareholders.
"While RuggedCom is a strong and innovative company with a talented team, we do not believe that matching the competing offer is in the best interest of Belden shareholders," said John Stroup, President and CEO of Belden. "Guided by our disciplined M&A strategy, we will pursue other opportunities that we believe can create greater value for our shareholders and support the continued growth, success and market leadership of our industrial networking business."
