SEC Filings

S-4/A
ARRIS GROUP INC filed this Form S-4/A on 11/07/2007
Entire Document
 
Table of Contents

Selected Acquisition Comparables Analysis.  Using publicly available information, Merrill Lynch examined the following transactions involving communications equipment companies announced since January 1, 2002. The transactions considered and the month and year each transaction was announced were as follows:
 
         
        Month and Year of
Acquiror
 
Target
 
Announcement
 
Commscope Inc. 
  Andrew Corporation   June 2007
Silver Lake Partners and TPG Capital
  Avaya Inc.   June 2007
Motorola Inc. 
  Terayon Communication Systems, Inc.   April 2007
LM Ericsson Telefon AB
  TANDBERG Television Ltd   February 2007
LM Ericsson Telefon AB
  Redback Networks, Inc.   December 2006
Harmonic Inc. 
  Entone Technologies, Inc.   August 2006
Cisco Systems, Inc. 
  Arroyo Video Solutions, Inc.   August 2006
Motorola Inc. 
  Broadbus Technologies, Inc.   July 2006
Powerwave Technologies Inc. 
  Filtronic PLC (Wireless Infrastructure Division)   June 2006
ADC Telecommunications Inc.
  Andrew Corporation   May 2006
Alcatel
  Lucent Technologies Inc.   April 2006
Cisco Systems, Inc. 
  Scientific-Atlanta, Inc.   November 2005
Ericsson
  Marconi Corp. plc (Certain Assets)   October 2005
Harris Corp. 
  Leitch Technology Corporation   August 2005
ADC Telecommunications Inc. 
  Fiber Optic Network Solutions (FONS) Corp.   July 2005
JDS Uniphase Corporation
  Acterna Inc.   May 2005
C-COR
  nCUBE Corporation   October 2004
Avaya Inc. 
  Tenovis GmbH   October 2004
Tektronix Inc. 
  Inet Technologies, Inc.   July 2004
Tellabs Inc. 
  Advanced Fibre Communications, Inc.   May 2004
Advanced Fibre Communications, Inc. 
  Marconi Communications, Inc. (North American Access Group)   January 2004
Powerwave Technologies Inc. 
  LGP Allgon Holding AB   December 2003
Juniper Networks, Inc. 
  Unisphere Networks, Inc.   May 2003
Cisco Systems, Inc. 
  The Linksys Group, Inc.   March 2003
Andrew Corporation
  Allen Telecom Inc.   February 2003
LGP Telecom Holding AB
  Allgon AB   January 2003
CIENA Corp. 
  ONI Systems Corp.   February 2002
Proxim Corporation
  Western Multiplex Corporation   January 2002
 
In its analysis, Merrill Lynch derived and compared multiples for C-COR and the selected transactions, calculated as follows:
 
  •  the ratio of transaction value to estimated revenues for the next-twelve-months following announcement of the transaction, which is referred to below as “Transaction Value/Next-Twelve-Month Revenues,” and
 
  •  the ratio of transaction value to estimated EBITDA for the next-twelve-months following announcement of the transaction, which is referred to below as “Transaction Value/Next-Twelve-Month EBITDA.”


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