RuggedCom Inc's board recommended shareholders reject U.S. cable maker Belden Inc's C$280 million offer to purchase the Canadian router and ethernet switch manufacturer, calling the hostile bid opportunistic and inadequate. RuggedCom said it was evaluating alternatives to Belden's cash offer of C$22 per share and has entered into non-disclosure agreements with third parties who have shown an interest in pursuing alternative deals with the company.Belden made its first bid on Dec. 19 and RuggedCom responded by setting up a special committee and adopting a shareholder rights plan.Shares of RuggedCom closed at $24.75 on Tuesday on the Toronto Stock Exchange. The stock has risen 9 percent since the Belden bid.
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 $24.75. In the past year, the shares have traded as low as $12.25 and as high as $24.75. On average, 38613 shares of RCM.TO exchange hands on a given day and today's volume is recorded at 0.
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