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Nov. 21, 2011 /PRNewswire/ --
ARRIS Group, Inc. (NASDAQ:ARRS) today announced that it 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 A total of 67,103,577 shares of BigBand common stock were validly tendered and not withdrawn in the tender offer (including 728,324 shares tendered through notices of guaranteed delivery), representing approximately 92.5% of the outstanding shares on a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.
"We are pleased to announce the close of our acquisition of BigBand and welcome the talented professionals joining ARRIS around the world. I'd like to thank the BigBand executive team for their support as we planned the integration of the two companies," said
Bob Stanzione, ARRIS Chairman & CEO. "The acquisition supports our strategy of expanding our video product suite and investing in the evolution towards network convergence on an all IP platform. This expanded portfolio and access to new market channels will provide greater opportunities to grow our customer base worldwide."