Advisory Firms Recommend Motorola’s Bid for Terayon6/25/2007 8:10 AM Eastern
Terayon Communication Systems said two independent proxy advisory firms -- Institutional Shareholder Services and Glass, Lewis -- recommended that the company’s stockholders vote to approve Motorola’s proposed takeover.
Motorola in April announced plans to buy Terayon for about $140 million in cash. Motorola’s bid for the video-processing-equipment vendor came after Terayon said it resolved a year-and-a-half review of its accounting practices.
The Motorola deal will come to vote at a special meeting of Terayon stockholders June 28 at Terayon’s Santa Clara, Calif., headquarters.
The companies expect the acquisition, pending approval by Terayon shareholders and other conditions, to close in the third quarter of 2007.