Cisco steps closer to acquisition of Tandberg with 89 per cent of shareholders won over

4 December, 2009 - 11:06

Cisco has won 89 per cent of Tandberg's shareholders and plans to proceed with the acquisition. A voluntary public cash offer to acquire all outstanding shares in Tandberg ended at 5:30 pm CET on December 3, 2009, giving Cisco control approximately 89 per cent of the outstanding shares in Tandberg.

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 per cent 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.

Cisco received a Request for Additional Information from the United States Department of Justice (DOJ) with respect to its proposed acquisition of TANDBERG. The request for information from the DOJ, often referred to as a 'second request', is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).

Cisco intends to respond expeditiously to this request and continue to work cooperatively with the DOJ in connection with its review. On October 1, 2009, Cisco announced a voluntary cash tender offer to acquire all the outstanding shares of Tandberg. Cisco continues to expect the transaction will close during the first half of calendar year 2010.