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Cisco will buy Tandberg despite falling short on shares

Cisco says it will go ahead with the purchase of Tandberg despite receiving preliminary acceptances of its cash offer for only 89% of the Norwegian video...

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Networking

Cisco says it will go ahead with the purchase of Tandberg despite receiving preliminary acceptances of its cash offer for only 89% of the Norwegian video system maker's shares.

Cisco had originally proposed a 90% threshold.

The networking company offered 153.5 Norwegian kroner per share, valuing Tandberg at around $3.4bn. This was a 50% premium to Tandberg's share price over the previous 12 months, but some shareholders held out for more. Cisco stood firm.

Cisco said it would publish the final acceptance totals as soon as it could. It would also move to buy the remaining outstanding shares in Tandberg.

Tandberg's video technology is seen as key to Cisco's plans to provide a unified communications infrastructure that will be based more and more on video for person to person and for conference calls.

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