Shares of Arris jump in premarket after CommScope agrees to acquire the company for $31.75 a share
Shares of Arris International PLC jumped in lightly traded premarket action Thursday after the cable-industry vendor said it was being acquired by CommScope Holding Co. Inc. in an all-cash $31.75-a-share deal worth approximately $7.4 billion, including debt. The news comes as Arris reported its quarterly results. Last year, Suwannee, Ga.-based Arris acquired Ruckus Networks for $800 million in a bid to enter the cable-wireless sector. CommScope is a wireless-technology company based in Hickory, N.C. The company's shares were down about 2% in light premarket trade. Shares of Arris have climbed 8.2% year to date, compared with a gain of 5.3% for the S&P 500 index , while shares of CommScope have declined by more than 35% over the same period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.