Arris Group to acquire C-Cor for $730 million

ARRIS Group hasentered into a definitive agreement whereby
ARRIS will acquire C-COR for a purchase price of approximately $730
million in a mix of cash and ARRIS stock. With over 250 customers
around the world, the companies collectively reported revenues of over
$1.2 billion over the past twelve months and the merged company will be
the largest pure-play provider of equipment and solutions to the cable

the terms of the definitive agreement, approved by the Boards of
Directors of both companies, each share of common stock of C-COR will
be converted into the right to receive, at the election of each of the
individual holders of C-COR shares, either (i) a cash payment of $13.75
or (ii) 0.9642 shares of ARRIS, subject to pro ration if the elections
exceed approximately 51% in cash or 49% in stock. The stock component
of the consideration is subject to a collar if the average price of
ARRIS stock for a ten trading day period ending three days prior to
closing is greater than $15.69 or less than $1283.

The companies say the combination creates the leading pure play cable solutions company with over $1.2 billion in sales over the past 12 months. It also expands ARRIS’ product portfolio and addressable market and enhances its video growth opportunities while improving competitive positioning versus diversified industry suppliers

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