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.