Shareholders of Canadian industrial network equipment maker RuggedCom Inc. have overwhelmingly accepted an offer from Siemens Canada to buy their shares, as recommended by the company's board.
In a statement Friday morning Concord, Ont.-based RuggedCom, which makes Ethernet switches for electrical stations and factories, said as of last night 97.6 per cent of the outstanding shares had been tendered to Siemens.
In January RuggedCom got Siemens to outbid Belden Inc. for the company with an total offer of about $440 million.
Publicly-traded RuggedCom will be delisted from the Toronto Stock Exchange once the details of the acquisition are complete.
Siemens Canada, which specializes in electronics and electrical engineering, has some 4,400 employees in Canada. It's a division of German-based Siemens AG, which makes industrial, engineering and healthcare solutions ranging from wind turbines to passenger trains.