Terayon Announces Results of Special Meeting of Stockholders |
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Terayon Communication Systems, Inc.
2952 Bunker Hill Lane
Santa Clara, CA, 95054-1103
USA
Press release date: June 29, 2007
Stockholders Approve Merger between Terayon and Motorola
SANTA CLARA, Calif., June 29 /-- Terayon Communication Systems, Inc. (Pink Sheets: TERN) (Terayon) announced that yesterday at a Special Meeting of Terayon's stockholders, the stockholders adopted the merger agreement previously announced on April 23, 2007, among Terayon, Motorola, Inc. (Motorola) and Motorola GTG Subsidiary VI Corp., a wholly owned subsidiary of Motorola, and approved the merger of Motorola GTG Subsidiary VI Corp. with and into Terayon.
Under the terms of the merger agreement, Motorola will acquire all of the outstanding shares of Terayon's common stock for $1.80 per share in cash, without interest. Upon completion of the transaction, Terayon will be a wholly owned subsidiary of Motorola. The transaction is expected to close in the third quarter of 2007, subject to the satisfaction of other previously disclosed closing conditions.
About Terayon
Terayon Communication Systems, Inc. (Pink Sheets: TERN) provides real-time digital video networking applications to cable, satellite and telecommunication service providers worldwide, which have deployed more than 7,800 Terayon CherryPickers and related digital video system components to localize services and advertising on-demand and brand their programming, insert millions of digital ads, offer HDTV and other digital video services. Terayon maintains its headquarters in Santa Clara, California, has sales and support offices worldwide and is on the web at www.terayon.com.
About Motorola
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.9 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
FCMN Contact: john.giddings@terayon.com
Source: Terayon Communication Systems, Inc.
CONTACT: Press, Paul Schneider of PSPR, Inc., +1-215-702-9784, pspr@att.net; or Investors, Kirsten Chapman or Moriah Shilton, mshilton@lhai.com, both of Lippert/Heilshorn & Associates, +1-415-433-3777, all for Terayon
Web site: http://www.terayon.com/ http://www.motorola.com/
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