EmailARRIS will acquire BigBand Networks (BBND $2.21 +0.94) for a purchase
price of $2.24 per share in cash. This equates to a diluted equity value of
approximately $172 million, or $53 million net of estimated BigBand cash on
hand.
ARRIS also anticipates that the transaction will be neutral to accretive on a
non-GAAP basis for ARRIS shareholders by mid-2012 and will offer upside
potential thereafter by addressing upcoming video network evolution
opportunities with a more complete offering.
The board of directors of BigBand has unanimously recommended that the
shareholders of BigBand accept the offer. Redpoint Ventures and ValueAct Capital
Partners, holders of 32% of the outstanding shares of BigBand, have agreed to
tender their shares in the offer and to vote their shares in favor of the merger
agreement and against any other transaction, subject to the provisions of the
agreement. Completion of the transaction is expected to occur in late 2011.
than one year.
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