ARRIS Announces Final Allocation for C-COR Acquisition
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SUWANEE, Ga., Dec. 20 -- 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:
o 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.
o 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 www.arrisi.com/.
Source: ARRIS
CONTACT: Jim Bauer, Investor Relations of ARRIS, +1-678-473-2647, jim.bauer@arrisi.com
Web site: http://www.arrisi.com/
