Miranda Technologies, a Montreal company specializing in equipment and high-performance software for the television broadcasting sector, is preparing to be acquired by U.S. manufacturer of signal transmission products Belden. The board of Miranda Technologies has recommended to shareholders of the company to accept the offer of $17 dollars per common share made by Belden, which is a premium of 42% over the average value of the stock during the last three months.
In a statement, Belden said it will proceed with the development of a plain integration with Miranda Technologies. So that there will be little overlap in products, Belden says it does not anticipate modifications be made to the activities of Miranda Technologies, or any "major" change in the personnel of Miranda Technologies.
In late December 2011, two shareholders of Miranda Technologies had expressed their displeasure with the board of directors of the company and demanded the holding of a meeting of shareholders. Miranda announced at the end of March it was reviewing its "strategic options" and had initiated discussions with "potential partners."
This shareholder dissatisfaction was related to a decrease in the capitalization of the organization and implementation of two acquisitions that would dilute shareholder value in the company. Soon after, Miranda Technologies had said that "several of its shareholders" were opposed to the request of the disgruntled shareholders. Even so, a few months later, the Montreal company began a strategic process, the outcome of which was this exit.