Cisco finally wins control of video conferencing manufacturer Tandberg
Paul Milligan, December 8, 2009
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After months of negotiations Cisco has finally reached the 90 per cent shareholder approval target it needed to complete the $3.4bn purchase of Norwegian video conferencing manufacturer Tandberg. The deadline for the deal had been extended three times but a slow creeping process of share buying in late November saw Cisco move from 89.1 per cent to 91.1 per cent of shares and voting rights in Tandberg.
In a statement released by Cisco confirmed; ‘As a result of additional acceptances registered today, Cisco hereby announces that approximately 99.8 million shares have been tendered, representing 89.1 per cent of the outstanding shares in Tandberg.
In addition, Cisco has, on 18 and 20 November 2009, purchased a total of 2,238,600 shares in Tandberg, corresponding to two per cent of the outstanding and issued shares.
The shares tendered, combined with shares owned, currently represent approximately 102 million shares, or approximately 91.1 per cent of the shares and voting rights in Tandberg.’
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