Cisco Systems Inc. on Friday declared a major victory in its bid to buy Tandberg ASA, saying it has received more than 90 percent shares needed to take over the Norwegian videoconferencing company.
When Cisco's latest offer period expired on Thursday, the world 's largest networking
equipment maker said it has controlled about 89 percent shares in Tandberg, just short of the 90
percent required under Norwegian securities law to squeeze out remaining shareholders to gain
complete control.
But Cisco announced on Friday that as a result of additional shares tendered, it has won
acceptance from shareholders representing about 89 percent of Tandberg shares.
Combined with the outstanding and issued shares Cisco bought earlier, the company now
has about 91.1 percent of the shares and voting rights in Tandberg, Cisco said in a statement.
Cisco's high-profile takeover bid for Tandberg has encountered twists and turns.
On Oct. 1, Cisco initially offered to buy Tandberg for about 3 billion U.S. dollars in total.
The deal was backed by Tandberg's board, but met opposition from some minority shareholders who said the offer price was too low.
Cisco was forced to raise the offer to about 3.4 billion dollars in November. It also extended
the acceptance period several times.
Tandberg, a market share leader in the videoconferencing industry, has more than 1,500
employees worldwide with dual headquarters in Norway's Oslo and New York, the United States.