Plus   Neg

Arris International Shares Up 16% On Report Of Acquisition By CommScope

Shares of Arris International PLC (ARRS) gained 16% in extended trading session on Tuesday following reports of the company's acquisition.

According to CNBC, telecoms infrastructure company CommScope is nearing a deal to buy telecom gear provider Arris for more than $31 a share or more than $5.6 billion.

Commscope could announce the deal to acquire the set-top box manufacturer as soon as tomorrow.

The report says that the deal is expected to give CommScope more scale with a more diversified product base, while it would provide an exit for Arris as fewer customers watch traditional TV from set-top boxes, a major part of its business.

ARRS closed Tuesday's trading at $24.97, up $0.17 or 0.69%, on the Nasdaq. The stock further gained $3.95 or 15.82% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Consumer goods giant Procter & Gamble Co. on Wednesday reported a 28 percent increase in profit for the second quarter from last year, when results were impacted by a charge related to the U.S. tax reform. Both revenue and core earnings per share for the quarter beat analysts' estimates. Looking ahead, the company affirmed its outlook for fiscal 2019 earnings. LSEG Technology, London Stock Exchange Group's technology solutions provider, said it has been selected by Atom Group, a fintech company focused on blockchain technology and emerging digital assets, to power its new Hong Kong-based digital asset exchange AAX. The new digital exchange, which is expected to launch in the first half of fiscal 2019, will use LSEG's Millennium Exchange matching engine. Starbucks Coffee Co. said Tuesday it is expanding its "Starbucks Delivers" pilot to an additional six cities across the U.S. The expansion of the delivery service, in partnership with Uber Eats, begins today in San Francisco, the first of six new markets to offer the service to customers. The coffee giant plans to bring Starbucks Delivers to nearly one-quarter of U.S. company-operated stores.
Follow RTT