Digi International has rejected Belden’s offer to buy the company for about $380 million in cash.
Digi, based in Minnetonka, Minn., provides network connection devices and services. The company said Nov. 13 that its board unanimously rejected an offer by Clayton-based Belden, a maker of cable, connectivity and networking products.
Belden had made the offer in a letter to Digi’s board after Digi executives previously said they were unwilling to discuss a takeover.
Digi determined that Belden’s proposal “significantly undervalues Digi and its future growth prospects and is not in the best interest of the Company and its shareholders,” according to a statement.
Read more: St. Louis Post-Dispatch