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Ericsson announces cash offer to acquire Tandberg Television for SEK 9.8B
February 26, 2007
1 Min Read
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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