More Broadcast Vendor M&A: Miranda Exploring Strategic Options Through Structured Process

Posted by Joe Zaller
Mar 21 2012

Miranda Technologies said that it has decided to “hold discussions with potential strategic partners as part of the company’s review of ways in which to continue to enhance value and to build on the positive momentum that it has generated over the past two years.”

Separately, Miranda has also announced that it has nominated industry veteran and former Harris Broadcast CEO Tim Thorsteinson as a candidate for the company’s board of directors.

The move comes after several months of activist shareholder drama at the company which began in December 2011 when two investment firms – JEC Capital Partners and JMB Capital Partners – who respectively own approximately 7.1% and 3.1% of Miranda’s outstanding shares — requisitioned a meeting of the shareholders of Miranda to replace four of the seven existing directors of Miranda with four new independent directors.

Against this backdrop, it turns out that Miranda has been exploring its “strategic options” for the better part of a year, and has now decided to move ahead in a more structured way.

Miranda disclosed that it has “received a number of unsolicited expressions of interest regarding potential transactions and partnerships,” over the past year, and had, in May 2011, put in place a committee of its independent directors to review each expression of interest that was received. When this committee believed that an approach might lead to a (M&A) transaction, a non-disclosure agreement was entered into and discussions with the interested party ensued.

To date these discussions have not resulted in deal, because the committee “concluded that the transactions proposed would not reflect full and fair value for the Corporation’s business.”

Now however, the company says there is “growing interest” in Miranda, so the company has decided “that a more structured process should be put in place in order to enable the Corporation to review further expressions of interest and to hold discussions with potential strategic partners.”

The timing of this initiative – a month before the NAB show, and Miranda’s AGM – will certainly make things interesting to watch over the next month as it plays out.

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Related Content:

Activist Shareholder Drama Continues at Miranda Technologies http://bit.ly/yfoMWE

JEC Press Release: Miranda Technologies: Business As Usual – Share Price Declines, Immediate Board Change Needed

Miranda Reports 27% Revenue Increase in 2011

JEC Press Release: JEC Capital Names Proposed Directors of Miranda Technologies Inc.

Miranda Rejects Activist Shareholder Request as Invalid

JEC Press Release: Miranda Technologies Calls Early Shareholders Meeting After Pressure From JEC and Other Concerned Shareholders

Activist Shareholder Remains Convinced That Miranda Technologies is Undervalued

Miranda Responds to Activist Shareholders

Activist Shareholders Seek To Replace Four Board Seats at Miranda Technologies

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