Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Belden seeks takeover of Digi International

Belden Inc. a maker of cable, connectivity and networking products, said Friday that it was offering to buy Digi International Inc. for about $380 million in cash.

Clayton-based Belden said Digi shareholders would receive $13.82 in cash for each Digi share. The acquisition would be funded with cash reserves and therefore not subject to a financing contingency, Belden said.

Belden made the offer in a letter to Digi's board after Digi executives said Tuesday that they were unwilling to discuss a takeover.

Addition of Digi to Belden's Industrial IT platform would "create a unique and broad portfolio of wireless and embedded solutions for customers across a number of vertical markets," Belden said.

Digi, based in Minnetonka, Minn., provides network connection devices and services. Its stock closed Friday at $11.65 but rose to $13.80 in after-hours trading.

Kenneth Cole to close most stores * Kenneth Cole Productions, a fashion house and shoe company founded more than three decades ago, is closing almost all of its stores, in effect ending its run as a brick-and-mortar chain.

The New York-based retailer will shutter its 63 outlet stores over the next six months, Chief Executive Marc Schneider said in an email Friday. That leaves Kenneth Cole with just two full-priced stores in the U.S. after an earlier paring of those locations. The company will be focusing efforts on its e-commerce site and international business, Schneider said.

Retailers healthy and distressed alike have been shrinking and shutting down stores as more spending moves online. Kenneth Cole opened its first store in 1984 on New York's Upper West Side, two years after its eponymous founder created the brand.

The retailer has no stores in the St. Louis area.

FTC probes whether VW intentionally destroyed documents * The Federal Trade Commission wants a federal judge to allow the agency to take additional testimony from Volkswagen's U. …

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