Cisco Says It Now Controls More Than 90 Percent of Tandberg Shares

The offer deadline might have passed, but CIsco apparently persists in its efforts to buy shares of Tandberg, the videoconferencing-systems leader it has sought to acquire for about $3.4 billion.

In fact, Cisco now says in a press release that it has “received acceptances for or purchased shares representing more than 90% of the shares in Tandberg.”

Here’s more from the press release:

As a result of additional acceptances registered today, Cisco hereby announces that approximately 99.8 million shares have been tendered, representing 89.1% of the outstanding shares in TANDBERG. In addition, Cisco has on November 18 and 20, 2009, purchased a total of 2,238,600 shares in TANDBERG, corresponding to 2.0% of the outstanding and issued shares. The shares tendered, combined with shares owned, currently represent approximately 102 million shares, or approximately 91.1% of the shares and voting rights in TANDBERG.

Cisco now will move to acquire the remaining Tandberg shares and to eventually delist Tandberg from the Oslo Stock Exchange.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s