ARRIS Closes BigBand Deal
ARRIS intends to complete today its purchase of BigBand Networks. 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.
"The acquisition supports our strategy of expanding our video product suite and investing in the evolution towards network convergence on an all IP platform," said Bob Stanzione, ARRIS Chairman and CEO, in a statement.
ARRIS confirmed that Rajive Dhar, formerly BigBand’s senior vice president/Corporate Development and Strategic Planning, will become ARRIS vice president and general manager in the Broadband Communications Group, where he will integrate BigBand’s product lines and handle ongoing management of those products. Dhar has previously worked at ARRIS.
Former BigBand President and CEO Amir Bassan-Eskenazi is still assisting with the acquisition process, but intends to leave at some undisclosed time in the future.