| The Amendment provides that, in connection with the Tender Offer, Tandberg shareholders holding 700 or fewer shares will receive the full amount of the offer consideration in cash in lieu of the combination of cash and ARRIS common stock to be issued to the other Tandberg shareholders in the Tender Offer. In addition, under the terms of the Amendment, ARRIS no longer is required to allow the Tandberg shareholders to elect what portion of the Tender Offer consideration that they would receive in cash and in shares of ARRIS common stock. | ||
| The terms of the Amendment permit ARRIS, subject to certain limitations, including pricing limitations and compliance with applicable laws, to purchase Tandberg shares outside of the Tender Offer. | ||
| The Amendment changes the termination date of the Transaction Agreement from September 30, 2007 to May 31, 2007, unless ARRIS concludes, with the consent of Tandberg, that extension beyond May 31, 2007 (but not past September 30, 2007) is required (i) in order for ARRIS and Tandberg to include additional information in the Tender Offer documents or otherwise in order to comply with the filing and other requirements of securities and takeover laws applicable to the Tender Offer, or (ii) as a result of the failure to receive any necessary regulatory approvals and clearances from regulatory and/or governmental authorities. |
2.01 | Amendment No. 1 to Transaction Agreement dated February 14, 2007 |
Arris Group, Inc. | ||||
By: | /s/ Lawrence A. Margolis | |||
Lawrence A. Margolis Executive Vice President of Strategic Planning, Administration and Chief Counsel and Secretary |
||||
Dated: February 21, 2007 |
Exhibit | ||
Number | Description of Exhibits | |
2.1
|
Amendment No. 1 to Transaction Agreement dated February 14, 2007 |