Arris stockholders approve Pace deal

Arris approved its merger agreement with Pace and the related reorganisation at a special meeting of stockholders yesterday.

Stockholders holding 129,714,934 shares, representing approximately 88% of Arris, approved the deal. People who held more than 99% of shares voted at the meeting, according to the firm.

Pace will now hold two special meetings today – a court-ordered meeting and a general meeting – to approve the arrangement, in line with English law.

“We are pleased to complete another condition to the closing of the combination.  We continue to believe that our strong, complementary businesses provide expanded opportunities to support our customers and increase our speed of innovation as we collaborate to invent the future,” said Arris chairman and CEO, Bob Stanzione.

Arris agreed to buy Pace for US$2.1 billion (€1.95 billion) in April. However, the firm said earlier this week that the closing of the cash and stock transaction could now be delayed until late December or the first quarter of 2016, as regulatory clearances are sought.

Arris and Pace have received the required clearances from regulators in Germany, Portugal and South Africa but have received requests for additional information from the Antitrust Division of the US Department of Justice and regulators in Brazil and Colombia.