Siemens Canada Ltd. has announced that its wholly owned subsidiary, Siemens Acquisition Ontario Ltd., has completed the acquisition of the outstanding common shares of RuggedCom Inc. for C$33.00 per common share in cash.
A total of approximately 12.56 million common shares have been validly deposited to the offer, Siemens says. Because all of the conditions of the offer have been satisfied or waived, Siemens Acquisition Ontario Ltd. has taken up and accepted for payment in accordance with the offer all of the deposited common shares. Siemens Acquisition Ontario Ltd. now owns approximately 12.56 million common shares, representing approximately 97.6% of the outstanding common shares.
The board of directors (and committees of the board of directors) of RuggedCom will be reconstituted to include a number of directors designated by Siemens that is proportionate to Siemens' shareholdings in RuggedCom.
As more than 90% of the outstanding common shares were deposited to the offer, Siemens intends to acquire all of the remaining common shares not deposited under the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Ontario). Siemens further intends to cause the common shares to be delisted from the Toronto Stock Exchange and to cause RuggedCom to cease to be a reporting issuer under applicable securities laws as soon as possible.