02.09.2009 12:00 PM
Scopus Shareholders OK Harmonic Deal
Scopus Video Networks said today its shareholders have approved of the company being acquired by Harmonic. A meeting was held Feb. 6, when votes representing 90 percent of outstanding Scopus shares were cast in favor of the deal.
The acquisition of Scopus, (NASDAQ: SCOP) a Tel Aviv, Israel firm focused on digital video processing, by Harmonic (NASDAQ: HLIT) of Sunnyvale, Calif., was first announced Dec. 22. Terms of the deal had Harmonic paying $5.62 per outstanding share of Scopus, for a total of around $51 million.
Scopus shares were trading at less than $4 at the time, but some of its investors balked at the deal, citing company performance. For the first nine months of 2008, Scopus generated $55.4 million in revenue, up 35 percent from the same period a year before.
The February shareholder vote OK’d the share prices of $5.62. When the deal goes down, Scopus will become a private company, with shares converted to cash. Subject to regulatory approval, the acquisition is expected to close next month.