Clayton-based Belden Inc. has submitted an all-cash takeover bid valued at about $380 million for Digi International Inc., a Minnesota-based maker of telecommunications equipment.
Belden, a provider of networking, connectivity and cable solutions, announced the details of the offer Friday after being turned down by Digi. Belden said in a statement that it was disclosing the information to inform Digi’s shareholders “of the opportunity to realize a significant premium and the compelling strategic fit inherent in a combination of the two companies.”
Belden originally submitted its proposal to Digi on Nov. 4, and received a letter from Digi Thursday stating the company was unwilling to engage in discussions. Belden reiterated its bid on Friday in a letter sent to Digi Chairman William Priesmeyer and President and CEO Ronald Konezny.
Belden is offering $13.82 in cash for each Digi share, a 25 percent premium over Digi’s $11.05 share price as of Nov. 10. The company would fund the potential acquisition with existing cash.