December 9, 2011 / 12:01 PM / 7 years ago

UPDATE 1-March Networks to be bought for C$90.1 mln

* Infinova offering C$5 for each March Networks share

* Deal expected to close in Q4 2012

* March Network Q2 loss/shr C$0.13 vs Q2 EPS C$0.07, yr ago

Dec 9 (Reuters) - Canada’s March Networks Corp , agreed to be bought by China’s Infinova for C$90.1 million ($88.63 million) in an all cash deal, as Infinova looks to access the company’s surveillance technology and expand its customer base.

March Networks, which makes video surveillance equipment for companies like Wal-Mart, said Infinova has offered it C$5 per share, which is a 2.24 percent premium to March’s Thursday closing price.

The deal is expected to close in the fourth quarter of fiscal 2012, the company said in a statement.

Separately, March Networks also announced its quarterly financial results. For the second-quarter, the company reported a loss of C$2.3 million, or 13 Canadian cents per share, compared with earnings of C$1.2 million, or 7 Canadian cents per share, a year ago.

Infinova, which manufactures security products like video cameras and other surveillance and security equipment, is listed on the Shenzen stock exchange.

Shares of March Networks closed at C$4.89 on Thursday on the Toronto Stock Exchange.

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