Broadband-technology company Arris Group is buying communications-equipment maker C-COR for $730 million.
The deal will consist of a mix of cash and stock. Each holder of C-COR stock can elect to receive either $13.75 in cash per share or 0.9642 shares of Arris. The $13.75 per share represents a 39% premium over Friday's closing price and a 19% premium over the stock’s 30-day trading average.
Over the past year, the companies together recorded more than $1.2 billion in sales, and the combination would result in the largest pure-play provider of equipment and solutions to the cable industry.
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