Digi Int'l (DGII) Affirms Receipt of and Subsequently Rejects Unsolicited Proposal from Belden (BDC)

November 14, 2016 6:56 AM EST

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Digi International Inc. (Nasdaq: DGII) confirmed that it received an unsolicited, conditional and non-binding proposal from Belden Inc. (NYSE: BDC) to acquire the Company for $13.82 per share in cash. After careful evaluation and in consultation with its independent financial and legal advisors, the Digi Board of Directors unanimously rejected the proposal on November 8 and again on November 11, 2016, determining that the proposal significantly undervalues Digi and its future growth prospects and is not in the best interest of the Company and its shareholders.

The Digi Board and management are confident in Digi’s standalone prospects and believe that the Company is solidly positioned to create significant value for Digi shareholders. Digi has been successfully executing on its strategy to simplify and scale its strong core business while focusing on three key priorities to drive growth. These priorities include maintaining a consistently profitable business model, generating top line revenue growth, and building a hardware-enabled solutions business.

The Digi Board and management are actively expanding their strategic focus to driving sustainable and profitable growth. The Board is confident that the continued successful execution of Digi’s strategy will capture significant opportunity and deliver enhanced value for the Company’s shareholders.

Stephens Inc. is serving as financial advisor to Digi and Faegre Baker Daniels LLP is serving as its legal counsel.

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