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Friday, Jun 28
Arris (ARRS) -1.4% AH after filing to sell ~21.3M shares (current value of $306M) on behalf of...
Arris (ARRS) -1.4% AH after filing to sell ~21.3M shares (current value of $306M) on behalf of Google (GOOG) and Comcast (CMCSA). Arris issued 10.6M shares to Google as part of the Motorola Home acquisition, and sold a similar number of shares to Comcast to help pay for the deal's cash portion. Earlier today, Arris confirmed it has laid off 500 employees (7% of its workforce) this week, as the company attempts to streamline post-acquisition. The cuts come a month after CEO Bob Stanzione said the set-top/cable infrastructure vendor is looking to cut opex by $100M-$125M this year. (S-3)