Belden said Tuesday It has repeated it’s offer to buy 100% of Digi International (DGII) for $13.82 per share in cash valuing the company at about $380 million after Digi’s board had failed to respond to its approach.
“Since the release of the prior letter on Nov. 11, Digi’s management and board of directors have remained unwilling to respond or engage in discussions with Belden, despite repeated attempts at outreach,” Belden said. “Belden believes that Digi’s lack of engagement is to the detriment of Digi’s shareholders.”
If Digi continues to refuse to engage in any discussions, Belden is prepared to pursue alternative paths to complete a transaction, it said. Digi shares fell 1.1% and Belden shares were little changed on Tuesday.
By Travis Berry