Belden Inc moved Canadian regulators to kill a shareholders rights plan adopted by its Canadian rival RuggedCom Inc in response to the U.S. cable maker's offer for the company. St. Louis, Missouri-based Belden said it also requested Ontario Securities Commission to convene a hearing before Jan. 23, which is two days before its offer for all shares of RuggedCom expires.Belden, which began its pursuit of Concord, Ontario-based RuggedCom in December, has offered C$22 a share for the company.Shares of RuggedCom closed at C$24.95 on the Toronto Stock Exchange on Monday. Belden's stock closed at $36.89 on the New York Stock Exchange.
RuggedCom Inc. (RuggedCom) is a provider of rugged communications networking solutions designed for mission-critical applications in harsh environments. Shares of RCM fell by 0.2% or $-0.05/share to $24.95. In the past year, the shares have traded as low as $12.25 and as high as $25.05. On average, 43711 shares of RCM.TO exchange hands on a given day and today's volume is recorded at 184703.
Belden Inc. (Belden) designs, manufactures, and markets cable, connectivity, and networking products. Shares of BDC traded higher by 3.89% or $1.38/share to $36.89. In the past year, the shares have traded as low as $23.24 and as high as $40.41. On average, 283433 shares of BDC exchange hands on a given day and today's volume is recorded at 703398.
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