Terayon Shareholders Approve Motorola Deal
Cos. Expect $140M Cash Deal to Close During 3Q
By Todd Spangler -- Multichannel News, 6/29/2007 7:37:00 AM
Terayon Communication Systems announced that its shareholders Thursday approved the company’s deal to be acquired by Motorola for about $140 million in cash.
Terayon’s biggest institutional shareholders are Kern Capital Management and Lehman Bros. 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.
Motorola and Terayon have said they expect the deal to close in the third quarter of 2007, subject to other previously disclosed closing conditions. Upon completion of the transaction, Terayon will be a wholly owned subsidiary of Motorola.
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