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Arris ties up final details of C-Cor purchase

Fri, 12/21/2007 - 6:15am
Mike Robuck

Arris put the finishing touches on its $730 million cash and stock purchase of C-Cor when it announced the final allocation of the merger consideration for C-Cor shareholders.

Arris paid $13.75 for each C-Cor share, in cash or in a combination of cash and stock. In the merger, shareholders of C-Cor were offered a choice of receiving either cash or stock consideration, which consisted of shares of Arris' common stock and a small cash payment.

The shareholder elections were subject to proration so that approximately 51 percent of the outstanding C-Cor shares received the cash consideration, and the remaining approximately 49 percent received the stock consideration.

The cash consideration was substantially oversubscribed by the C-Cor shareholders. Cash elections were received with respect to 46.3 million C-Cor shares out of the 49.8 million C-Cor shares to be converted in the merger.    

C-Cor shareholders that elected to receive the stock consideration or did not make a valid election will receive the stock consideration 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 option will have their elections prorated, will receive the cash consideration of $13.75 for approximately 54.8 percent of their C-Cor shares and will receive the stock consideration of 1.0245 shares of Arris common stock, as well as $0.688 in cash (plus additional cash in lieu of the issuance of any fractional shares) for their remaining shares.

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