ARRIS Group (ARRS) Completes Tender of BigBand (BBND) Shares
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ARRIS Group, Inc. (Nasdaq: ARRS) has completed its tender offer for all outstanding shares of common stock of BigBand Networks, Inc. (Nasdaq: BBND). The tender offer expired at midnight on November 18, 2011. A total of 67,103,577 shares of BigBand common stock were validly tendered and not withdrawn in the tender offer (including 728,324 shares tendered through notices of guaranteed delivery), representing approximately 92.5% of the outstanding shares on a diluted basis.
Pursuant to the Agreement and Plan of Merger signed on October 10, 2011, ARRIS intends to complete today the merger of its wholly owned subsidiary, with and into BigBand. At the effective time of the merger, all outstanding shares of common stock of BigBand (other than the shares held by ARRIS, BigBand or their respective subsidiaries or shares held by BigBand shareholders who have properly exercised their dissenters' rights under Delaware law) will be canceled and converted into the right to receive cash equal to $2.24 per share, without interest and net of applicable withholding taxes. In addition, after the merger, the BigBand common stock will cease to be traded on the NASDAQ Global Select Market.
Pursuant to the Agreement and Plan of Merger signed on October 10, 2011, ARRIS intends to complete today the merger of its wholly owned subsidiary, with and into BigBand. At the effective time of the merger, all outstanding shares of common stock of BigBand (other than the shares held by ARRIS, BigBand or their respective subsidiaries or shares held by BigBand shareholders who have properly exercised their dissenters' rights under Delaware law) will be canceled and converted into the right to receive cash equal to $2.24 per share, without interest and net of applicable withholding taxes. In addition, after the merger, the BigBand common stock will cease to be traded on the NASDAQ Global Select Market.
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