Cisco receives 89 per cent of Tandberg, waives 90 per cent condition
04 December 2009
Cisco today waived its condition of receiving a minimum of 90-per cent backing from Tandberg shareholders for acquiring the Norwegian videoconferencing equipment maker Tandberg ASA, after it rceived 89 per cent shares in the voluntary public cash offer to acquire all outstanding shares.
Cisco conveyed its decision after the at 5:30 pm Central European Time deadline for accepting its 170 kroner ($30.32) per share offer for the $3.4 billion acquisition passed yesterday.
The received acceptances is one per cent short of the 90 per cent condition the world's largest networking equipment maker had set on 7 October, a week after announcing its bid (See: Cisco to acquire Norway's Tandberg for $3 billion).
Cisco said in a statement, "There may be adjustments to the preliminary result due to possible corrections and changes following registration with the Verdipapirsentralen (VPS). The final result will be published as soon as it is available."
However, Cisco has now decided to waive this 90 per cent condition and says it now intends to complete the voluntary public cash offer subject to the satisfaction or waiver of the remaining conditions to the offer as set forth in the 7 October offer document.
"Assuming completion of the offer, Cisco will in relation to the remaining shares in Tandberg proceed as required under chapter 6 of the Norwegian Securities Trading Act," the statement said.
Cisco wants to integrate Tandberg's video endpoints and network infrastructure solution into its own collaboration architecture, to enable intercompany and multi-vendor interoperability and ease of use across the full product portfolio - from desktop to immersive, multi-screen video teleconfernecing.