ST. LOUIS, Jan. 30, 2012 /CNW/ - Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, 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."
Coupled with strong organic growth, Belden's proven track record of more than a dozen successful acquisitions over the past decade has fueled the continued innovation, expansion and growing global presence of Belden's connectivity and networking solutions.
Certain information contained in this news release constitutes "forward-looking information" (or "forward-looking statements") within the meaning of Canadian and U.S. securities laws. All statements, other than statements of historical or present fact, constitute forward-looking information and typically include words and phrases about the future such as will, anticipate, estimate, expect, plan, intend, predict, goal, target, project, potential, strategy and outlook. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Belden cautions the reader that such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking information. These risks, factors and assumptions include, but are not limited to the assumption that the competing offer of $33 per share is made to RuggedCom shareholders and not withdrawn. Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. Belden does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.
St. Louis-based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,800 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, South America, Europe, and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry. For more information, visit www.belden.com.
Shareholders of RuggedCom contact:
Kingsdale Shareholder Services Inc.
North America (toll-free) 1-888-518-1565
Outside North America (call collect) 416-867-2272
Hill & Knowlton Canada
SOURCE Belden Inc.
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