(Reuters) - 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 January 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. [ID:nL3E8C48K4]
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.
Reporting by Abhiram Nandakumar in Bangalore; Editing by Joyjeet Das