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
Bank of America Corp. (BAC) reported net income of $5.8 billion, or $0.56 per share, for the third quarter of fiscal 2019. The company's third-quarter results included Merchant Services Joint Venture impairment Charge of $2.1 billion or $0.19 per share. Excluding the impairment charge, net income was... The Libra Association, formed by major financial partners of Facebook's Libra cryptocurrency project, formalized the association at the inaugural Libra Council meeting of the members at its headquarters in Geneva, Switzerland. The current 21 member organizations formally signed onto the Libra Association charter, elected the Board of Directors, and appointed the executive team. Department store chain Kohl's Corp. has unveiled its Kohl's Cares holiday collection that includes the Disney Frozen 2 and Holiday Character bundles. The company's philanthropic program, Kohl's Cares, sells children's books as well as toys and donates the entire profit to charitable initiatives nationwide.
Follow RTT