Terayon Pulls Offering

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Terayon Communication Systems Inc. had a change of heart.

The cable-modem vendor said Friday that it has withdrawn its previously announced public offering of 10.8 million shares of common stock under its shelf registration statement.

"We appreciate the interest shown by the investment community in Terayon," CEO Zaki Rakib said in a release. "However, our valuation requirements were not met by the current market. We are fortunate to be in a position where we do not need additional funds for operations, so we have decided not to proceed with an equity offering at this time."

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