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Ericsson Bids for Tandberg TV

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LR Cable News Wire Feed
Light Reading
2/26/2007
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STOCKHOLM -- Ericsson (NASDAQ:ERIC) today announces a voluntary public cash offer to acquire Tandberg Television (OSE:TAT) for NOK 106 in cash per share (the "Cash Offer"), or an aggregate price of approximately SEK 9.8 billion. The Cash Offer represents a premium of 18.2 percent to Tandberg's 90-day volume weighted average stock price. The Cash Offer also represents a premium of 10.4 percent or NOK 10 per share to the proposed mixed cash/share offer announced January 15, 2007 by Arris.

Ericsson offers NOK 106 per share in cash

  • A total consideration of SEK 8.9 b. after deduction of net cash
  • Ericsson has acquired 11.7% of the outstanding shares in Tandberg Television and entered into agreements for irrevocable acceptances for the Cash Offer in respect of further approximately 13% of Tandberg Television's outstanding shares
  • EPS accretive from 2007, excl. possible depreciation of intangibles
  • Significant step toward world leadership position in IPTV
  • Expands Ericsson's customer base to include cable and satellite operators as well as broadcasters


Carl-Henric Svanberg, president and CEO, Ericsson, says: "IPTV for cable and telecom operators is the biggest networked multimedia opportunity going forward. Ericsson and Tandberg Television is a strong combination with a unique ability to offer complete IPTV solutions. Tandberg's leading TV technology and customer base and our global presence and strong position in IP networks and IMS, will create a leading player in networked media solutions for telecom, cable and satellite operators as well as media companies."

Ericsson AB (Nasdaq: ERIC)

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