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Arris, C-COR Shareholders OK Deal

Transaction Expected To Close Friday

By Multi Channel News Staff -- Multichannel News, 12/14/2007 3:52:00 AM

Shareholders of Arris and C-COR have “overwhelmingly” approved the proposed merger, the companies said, with about 98% of the shares voted cast in favor of the transaction. As a result, ARRIS and C-COR expect the transaction to close on Friday.

Arris made its $730 million bid for C-COR in September,  bringing together Arris’ cable modem and telephony business with C-COR’s video-on-demand and broadband-access platforms business. C-COR shareholders have elected to receive either a cash payment, Arris shares or a combination thereof. 

Last week two independent proxy-advisory firms, Institutional Shareholder Services and Glass Lewis & Co., recommended that shareholders of the respective companies vote in favor of the acquisition.

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