M&A News: Avaya/Radvision, Belden/Miranda

Israel-based Radvision Ltd. has wrapped its merger with Avaya, becoming an indirect, wholly owned subsidiary of the American firm.

For investors, each ordinary Radvision share that was outstanding immediately prior to the effective time of the merger has been converted into the right to receive $11.85 in cash, without interest and less any applicable withholding taxes.
 
In connection with the closing, Radvision notified the NASDAQ and the Tel Aviv Stock Exchange of the deal’s completion; trading of its ordinary shares will be suspended on each exchange, pending delisting of such ordinary shares.

And Belden Inc. is in the process of making an all-cash offer to acquire Miranda Technologies Inc. for $16.35 per share, valuing the transaction at about $332 million.

Headquartered in Montreal, Miranda provides hardware and software solutions for the HD broadcast infrastructure industry, including production, playout and delivery. With existing operations in Montreal, Cobourg and Vancouver, U.S.-based Belden says it has no plans for any changes to Miranda’s existing operations, including its Montreal base.

Comments John Stroup, president/CEO at Belden, “We believe that 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 as well as provide growth opportunities to Miranda employees.”

Adds Strath Goodship, Stroup’s counterpart at Miranda, “Belden has a strong portfolio of successful businesses, proven experience with many of our broadcast customers, and solid reputation in Canada and Montreal. Our combined efforts will deliver value for all parties involved. This agreement has the full support of Miranda’s management team.”

Belden believes this purchase will increase the percentage of Belden’s revenue from networking and connectivity products from 30 percent to 36 percent.