ARRIS Launches Voluntary Tender Offer for TANDBERG Television |
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ARRIS
3871 Lakefield Dr.,
Suwanee,, GA, 30024
USA
Press release date: February 15, 2007
SUWANEE, Ga., Feb. 15: ARRIS Group, Inc. (NASDAQ:ARRS) today launched a tender offer for the shares of TANDBERG Television ASA (Oslo: TAT). The agreement to launch the tender offer of TANDBERG Television was previously announced on 15 January 2007. The transaction provides ARRIS the depth and scale to prosper in the high growth video content creation, management and delivery markets to complement its market leadership in voice over IP and high speed data solutions. The offer values TANDBERG Television at approximately US $1.2 billion at the exchange rate as of 12 January 2007.
The offer price of NOK 96 consists of at least NOK 80 in cash and up to NOK 16 in shares of ARRIS other than holders of 700 or less shares of TANDBERG Television, who will receive all cash consideration. The aggregate purchase price is expected to be approximately US $1.2 billion at the exchange rate as of 12 January 2007. The transaction is expected to be completed in the second quarter of 2007 and is subject to regulatory and other customary approvals, as well as ARRIS' receiving valid and unconditional acceptances of the offer from TANDBERG Television shareholders representing more than 90% of the shares.
The Board of Directors of TANDBERG Television has unanimously recommended the offer to its shareholders and further suggested that the shareholders accept the ARRIS offer.
Combining the resources and experience of ARRIS and TANDBERG Television will produce a new company, unique in its ability to enable voice, video and data over any network and to any consumer device. ARRIS is a leading global provider of VoIP, data broadband network equipment and consumer premises devices; TANDBERG Television is a market leader in both the digital video sector and the global video processing market with award-winning solutions for advanced compression, on-demand and interactive television.
ARRIS and TANDBERG Television have a strong shared philosophy of innovation and track-records of profitable growth. The merged company will have a significant global presence with over 1600 employees and more than 2000 customers in more than 100 countries. ARRIS' strong North American cable business and strategic customers in key international markets will be significantly expanded through TANDBERG Television's international market leadership position in IPTV, HDTV and on-demand television.
The voluntary tender offer period currently is scheduled from 15 February 2007 until 15 March 2007. For further details regarding the tender offer see the actual tender offer document. The offer document can also be downloaded from the ARRIS website at www.arrisi.com after 9 AM EST, 3 PM CET, on 15 February 2007.
About ARRIS and TANDBERG Television:
ARRIS -- www.ARRISi.com -- is a global communications technology company specializing in the design and engineering of broadband networks. The company is a leading developer, manufacturer and supplier of cable telephony, video and high-speed data equipment, as well as outside plant construction and maintenance equipment for cable system operators. With 750 employees in offices across North America, Latin America, Europe and Asia Pacific, ARRIS is headquartered in Atlanta, Georgia.
TANDBERG Television -- www.TANDBERGtv.com -- has a 15 year track record of excellence and technology firsts in the digital video market. The company's market leading solutions for the creation, management and delivery of video across cable, satellite, IP, wireless, telco and terrestrial networks are used by the world's leading network operators, broadcasters, content owners and program makers to deliver new viewer experiences and advertising opportunities. With 875 employees, including an award-winning R&D team of more than 350 highly skilled software and hardware engineers, TANDBERG Television has offices around the world and regional headquarters in Southampton, UK; Atlanta, Georgia; and Hong Kong.
http://www.tandbergtv.com
Source: ARRIS
CONTACT: Jim Bauer of ARRIS Investor Relations, +1-678-473-2647; or Paal Johnsen of Carnegie Investment Bank, +47 22 00 93 81; or Ketil K. Jorgensen of Crux Kommunikasjon AS, +47 93 03 68 66
Web site: http://www.arrisi.com/
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