Friday, February 3, 2006
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Gwinnett Daily Post
Scientific-Atlanta acquired by Cisco
•LAWRENCEVILLE - Scientific-Atlanta's shareholders on Thursday approved the company's acquisition by Cisco Systems.
Shareholders will receive $43 in cash for each Scientific-Atlanta share once the transaction closes. That time is expected to come within the next two months. First the deal must meet regulatory approval.
Scientific-Atlanta, the TV set-top box maker headquartered in Lawrenceville, was purchased in November by San Jose, Calif.-based Cisco Systems Inc. The $6.9 billion acquisition spurred a lawsuit claiming that Scientific-Atlanta directors failed to protect the best interests of investors, though the company said the complaints were without merit.
Scientific-Atlanta's headquarters on Sugarloaf Parkway employs more than 1,000 workers. The company is seen as a pioneer in the state's high-tech sector and is credited with spurring numerous business leaders in the sector.
Retail sales top expectations
•NEW YORK - The nation's retailers reported better-than-expected sales in January. The shopping surge wasn't expected to last, however.
- From staff and wire reports