HLIT and CUBE merger finally a done deal.
Monday April 24, 5:29 pm Eastern Time
Harmonic, C-Cube say shareholders OK merger plan
SUNNYVALE, Calif., April 24 (Reuters) - Harmonic Inc. (NasdaqNM:HLIT - news) and C-Cube Microsystems Inc (NasdaqNM:CUBE - news) on Monday said their shareholders have approved an acquisition and spinoff plan that leaves Harmonic with C-Cube's DiviCom division.
Under the plan, Harmonic and C-Cube will merge in a stock-based transaction, then the merged company will spin off C-Cube's semiconductor business into a standalone concern.
The record date for the spinoff is April 25, and the merger's closing is expected during the first week of May, the companies said in a statement.
C-Cube stockholders will receive 0.5427 shares of Harmonic stock for each share of C-Cube stock they own. C-Cube stockholders also will receive spun-off shares of the semiconductor business.
Together, the companies will provide open-systems solutions for delivering video, voice and data over cable, satellite, telco and wireless networks.
Harmonic designs and makes digital and fiber-optic products for cable, satellite, telephone company and wireless network operators. C-Cube's DiviCom group develops digital head-end solutions for cable, wireless and satellite service providers.
C-Cube's Semiconductor business develops silicon solutions for DVD players, digital set-top boxes, broadcast encoders and other digital video equipment.
C-Cube shares closed off 4-7/8 at 54-5/8 Monday; Harmonic's fell 5-17/64 to 68-19/64. |
