ARRIS Announces Final Allocation for C-COR Acquisition
December 20 2007 - 5:32PM
PR Newswire (US)
SUWANEE, Ga., Dec. 20 /PRNewswire-FirstCall/ -- ARRIS (NASDAQ:ARRS)
today announced the final allocation of the merger consideration in
its recent acquisition of C-COR Incorporated. In the merger,
shareholders of C-COR were offered a choice of receiving cash or
stock consideration consisting of shares of ARRIS common stock and
a small cash payment. The shareholder elections were subject to
proration so that approximately 51% of the outstanding C-COR shares
received the cash consideration and the remaining approximately 49%
received the stock consideration. The cash consideration was
substantially oversubscribed by the C-COR shareholders. Cash
elections were received with respect to 46,328,094 C-COR shares out
of the 49,831,265 C-COR shares to be converted in the merger. As a
result, under the terms of the merger agreement, the merger
consideration has been allocated to the C-COR shareholders as
follows: -- C-COR shareholders that elected to receive the stock
consideration or that did not make a valid election will receive
the stock consideration, which consists of 1.0245 shares of ARRIS
common stock and $0.688 in cash (plus additional cash in lieu of
the issuance of any fractional shares) for each share of C-COR
common stock. -- C-COR shareholders that elected to receive the
cash consideration will have their elections prorated and will
receive the cash consideration of $13.75 for approximately 54.8% of
their C-COR shares and will receive the stock consideration of
1.0245 shares of ARRIS common stock and $0.688 in cash (plus
additional cash in lieu of the issuance of any fractional shares)
for their remaining shares. The exchange agent expects to begin
delivering the cash and stock consideration on or about December
21, 2007. About ARRIS ARRIS is a global communications technology
company specializing in the design, engineering and supply of
technology supporting triple- and quad-play broadband services for
residential and business customers around the world. The company
supplies broadband operators with the tools and platforms they need
to deliver reliable telephony, demand driven video, next-generation
advertising and high-speed data services. ARRIS products expand and
help grow network capacity with access and outside plant
construction equipment, reliably deliver voice, video and data
services and assure optimal service delivery for end customers.
Headquartered in Suwanee, Georgia, USA, ARRIS has R&D centers
in Atlanta, Chicago, Beaverton, Wallingford, State College, Ireland
and China, and operates support and sales offices throughout the
world. Information about ARRIS products and services can be found
at http://www.arrisi.com/. DATASOURCE: ARRIS CONTACT: Jim Bauer,
Investor Relations, of ARRIS, +1-678-473-2647, Web site:
http://www.arrisi.com/
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