U.S. cable manufacturer Belden Inc said it plans to extend its C$280 million unsolicited bid for Canadian rival RuggedCom Inc to Feb. 9. The extension will allow RuggedCom's shareholders to know the outcome of a Feb. 6 Ontario Securities Commission hearing before the offer closes. The regulator will consider Belden's request for an order against RuggedCom's shareholder rights plan.Earlier this month, Belden had moved Canadian regulators to kill a shareholders rights plan adopted by RuggedCom in response to its C$22-per-share offer for the company.Belden, which began its pursuit of Concord, Ontario-based RuggedCom in December 2011, contends that the rights plan constitutes an improper defensive tactic by the board of RuggedCom without the approval of its shareholders."We are confident that the Ontario Securities Commission will side with RuggedCom shareholders and allow them to make their own decisions about the merits of Belden's offer," Belden Chief Executive John Stroup said in a statement.
RuggedCom Inc. (RuggedCom) is a provider of rugged communications networking solutions designed for mission-critical applications in harsh environments. Shares of RCM remained unchanged at $25.80. In the past year, the shares have traded as low as $12.25 and as high as $25.90. On average, 63264 shares of RCM.TO exchange hands on a given day and today's volume is recorded at 0.
Belden Inc. (Belden) designs, manufactures, and markets cable, connectivity, and networking products. Shares of BDC remained unchanged at $38.89. In the past year, the shares have traded as low as $23.24 and as high as $40.41. On average, 293155 shares of BDC exchange hands on a given day and today's volume is recorded at 0.
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