Cisco Closes in on Tandberg

Cisco Systems officials said the company has received acceptances for or purchased shares that represent more than 90 percent of the shares in Tandberg as part of the voluntary public cash offer to acquire all outstanding shares in the telepresence company.

Cisco's approximately 99.8 million shares have been tendered, representing 89.1 percent of the outstanding shares in Tandberg, according to the company. Additionally, Cisco purchased a total of 2,238,600 shares in Tandberg, representing another 2.0 percent of the outstanding and issued shares. The shares tendered, combined with shares owned, represent approximately 102 million shares, or close to 91.1 percent of the shares and voting rights in Tandberg, according to a statement issued by Cisco.

Cisco said it intends to make a compulsory acquisition of the remaining shares in Tandberg pursuant to the Norwegian Public Companies Act and proceed with an application for a de-listing of Tandberg's shares, pending response to the remaining conditions of the offer. In accordance with the offer document, Cisco will issue a notification through the Oslo Stock Exchange as soon as each of the remaining conditions has been met, waived, or failed to be met.

Cisco and Tandberg executives announced the acquisition in October. Tandberg shareholders initially resisted the acquisition, claiming the offer was too low.