German conglomerate Siemens outbid Clayton-based Belden Inc. in a deal to to acquire RuggedCom, a Toronto-area maker of communication networking equipment and software.

Belden said today that it will let its offer to acquire RuggedCom to expire since RuggedCom had accepted Siemen's offer of 33 Canadian dollars a share. Belden's offer of 22 Canadian dollars a share ends on Feb. 9.

"While RuggedCom is a strong and innovative company with a talented team, we do not believe that matching the competing offer is in the best interest of Belden shareholders," John Stroup, the company's chief executive, said in a statement.

He added that the company will pursue other opportunities. Belden makes cable, connectivity, and networking products for industrial automation, transportation, infrastructure and consumer electronics.

In December, it launched a hostile takeover offer for the Canadian company. Belden offered 280 million Canadian dollars for the company, but RuggedCom said the offer was "highly opportunistic" and undervalued RuggedCom.

"The Siemens offer is the culmination of a thorough and vigorous process run by the special committee to identify superior alternatives to the Belden offer," Peter Crombie, chairman of RuggedCom, said in a statement. "Given the level of interest from qualified potential parties, the special committee facilitated a process to maximize the value on offer for RuggedCom."