C-Cor Inc. (CCBL, $12.20, $2.32, 23.48%) said it definitively agreed to be acquired by Arris Group (ARRS, $11.96, -$2.30, -16.13%) for $13.75 a share, or $730 million, creating what the companies said would be the largest pure-play provider of equipment and systems to the cable-TV industry. C-Cor shares closed on Friday at $9.88, indicating that Arris is paying a 39% premium for C-Cor. Arris, of Suwanee, Ga., agreed to pay $13.75 cash or 0.9642 share for each share of C-Cor, of State College, Pa. That payment is subject to proration if C-Cor holders choose more than 51% in cash or 49% in stock.
This may explain some of the CCUR weakness. Another lost opportunity for this company. |
