Advisory Firms Recommend Arris-C-Cor Deal
Proxy-Advisory Firms Conclude Both Companies' Shareholders Should Accept $730M Acquisition
By Todd Spangler -- Multichannel News, 12/6/2007 10:09:00 AM
Arris Group and C-COR announced Thursday that two independent proxy-advisory firms -- Institutional Shareholder Services and Glass Lewis & Co. -- have recommended that the shareholders of the respective companies vote in favor of Arris’s proposed $730 million acquisition of C-COR.
Arris made its bid for C-COR in September. The gambit would create what the pair claimed would be the largest pure-play technology vendor to the cable industry with more than $1.2 billion in revenues for the most recent 12-month period.
Arris and C-COR will hold their respective shareholder meetings on Dec. 14.
Under the terms of the deal, Arris is offering individual C-COR shareholders either cash, Arris shares or a combination thereof. The companies set a 5.p.m. (ET) deadline on Dec. 13 for C-COR shareholders to elect to receive cash, Arris shares or a combination of both.
