Tandberg Shareholders Okay Sale to Cisco
Posted by: Peter Burrows on December 03, 2009
So Cisco got its acquisition of videoconferencing leader Tandberg done—by a whisker. In fact, it didn’t quite convince 90% of Tandberg shareholders to vote for the deal, which was the goal. But it got close enough, evidently. Here’s the release from Cisco:
SAN JOSE, Calif., NEW YORK, and OSLO, Norway, December 3, 2009 – In the voluntary public cash offer to acquire all outstanding shares in TANDBERG, Cisco (NASDAQ: CSCO) 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.OL).
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.