In a surprise move, Siemens Canada Ltd. has made an offer to purchase all outstanding common shares of RuggedCom by way of take-over bid at a price of $33 per share.
Each member of the Board of Directors as well as RuggedCom's CEO and CFO, who together hold an aggregate of 1,691,192 RuggedCom shares or approximately 13.6% of the issued and outstanding shares of RuggedCom have entered into Lock-Up Agreements in conjunction with the Support Agreement.
The equity value of the proposed transaction, based on RuggedCom's 13,321,740 issued and outstanding common shares on a fully-diluted basis, is approximately $440 million.
"The Siemens offer represents a premium of 142% to the closing price of RuggedCom shares on the Toronto Stock Exchange on Dec. 16, 2011, the last trading day prior to Belden Inc. announcing its intention to make an unsolicited take-over bid for RuggedCom," the company said in a statement.
"(It) represents a 50% premium relative to Belden's unsolicited takeover bid at an offer price of $22 per share."