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RuggedCom shareholders nearly unanimous in accepting Siemens takeover offer


March 16, 2012
By The Canadian Press

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The German industrial and electronics company Siemens has received overwhelming support for a takeover of RuggedCom Inc., a Toronto-area company that makes communication networking technology.

Almost 98 percent of RuggedCom’s shares were tendered to the Siemens takeover offer of $33 per share by the deadline, valuing the Canadian company at $383 million, Siemens announced.

The company said it had received a “no action” letter from the federal Competition Bureau, indicating the government agency wouldn’t try to block or amend the deal.