Cisco has only 89 percent of Tandberg shares committed but still pledges to continue with the acquisition

December 4, 2009

2 Min Read

SAN JOSE, Calif. and NEW YORK and OSLO, Norway -- In the voluntary public cash offer to acquire all outstanding shares in TANDBERG, Cisco (NASDAQ:CSCO - News) announces that following the expiration of the offer period at 5:30 pm CET on December 3, 2009, Cisco controls approximately 89 percent of the outstanding shares in TANDBERG (Oslo:TAA - News).

The received acceptances represent a lower acceptance ratio than the 90 percent condition to the offer set out in Section 1.7 in the offer document dated October 7, 2009. However, Cisco has decided to waive this 90 percent condition.

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.

Cisco 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 offer document, Section 1.7, as soon as possible. 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.

In a separate release:

SAN JOSE, Calif. -- Cisco (NASDAQ:CSCO - News) today announced that it has received a Request for Additional Information from the United States Department of Justice (DOJ) with respect to its previously announced proposed acquisition of TANDBERG. The request for information from the DOJ, often referred to as a "second request," is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).

Cisco intends to respond expeditiously to this request and continue to work cooperatively with the DOJ in connection with its review. On October 1, 2009, Cisco announced a voluntary cash tender offer to acquire all the outstanding shares of TANDBERG. Cisco continues to expect the transaction will close during the first half of calendar year 2010.

Cisco Systems Inc. (Nasdaq: CSCO)

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