A Quick Close?
After a rival bid from Ericsson AB (Nasdaq: ERIC) scuttled Arris Group Inc. (Nasdaq: ARRS)'s play for Tandberg Television earlier this year, it appears Arris will be able to keep C-COR Corp. (Nasdaq: CCBL) at the altar, and perhaps exchange wedding rings a few weeks earlier than anticipated.
On Monday, Arris and C-COR announced they have received early termination of the waiting period under U.S. antitrust law for the pending deal and will hold the shareholder vote on Friday, December 14.
With no rival bids apparently on the horizon no institutional shareholders wringing their hands about the offering price -- an element that spoiled the Dolan family's latest attempt to take Cablevision Systems Corp. (NYSE: CVC) private once again -- the path to a quick close is all but clear of obstacles.
With shareholder approval, the deal should be consummated well before the end of the year. Originally, the companies expected to close the deal in the first quarter of 2008.
Anticipating an early close, Arris plans to embark on a shareholder road show in mid- to late-November, according to company chairman and CEO Bob Stanzione, who spoke last Wednesday (Oct. 24) during Arris's third quarter earnings call.
In other Arris-related news, the company also confirmed last week on that same call that it submitted a cable modem and cable modem termination system (CMTS) to CableLabs for the first official certification/qualification wave to test against the Docsis 3.0 specifications. Results from that wave could be known by mid-December. (See CableLabs Preps for Docsis 3.0 Tests .)
— Jeff Baumgartner, Site Editor, Cable Digital News