June 5, 2012 / 12:41 PM / 6 years ago

UPDATE 1-Belden to buy Canada's Miranda Tech for C$377 mln

(Adds details and background)

June 5 (Reuters) - Cable and networking product manufacturer Belden Inc said on Tuesday that it would acquire Canadian rival Miranda Technologies Inc for C$377 million ($362.1 million) to increase its presence in niche markets.

The C$17-a-share offer is a 64 percent premium to Miranda’s Monday closing price of C$10.39 on the Toronto Stock Exchange.

The offer, which is not subject to any financing conditions, has the backing of Miranda’s board, Belden said.

St. Louis-based Belden said on Tuesday that the deal would help it to cater to the needs of the television broadcast industry. Montreal-based Miranda provides technology for TV broadcasters to create and distribute high-definition video.

“The combined company would be a leader in one of Belden`s target market segments and would deliver considerable value for Belden customers and shareholders,” Belden Chief Executive Officer John Stroup said in a statement.

$1 = 1.0411 Canadian dollars Reporting By Euan Rocha in Toronto and Bijoy Koyitty in Bangalore; Editing by Saumyadeb Chakrabarty and Lisa Von Ahn

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