Cisco has enough shares to close Tandberg deal

Cisco Systems Inc. said Friday it now has enough shares and shareholder commitments to take over Norway's Tandberg ASA, the world's largest videoconferencing equipment maker.

Cisco had said Thursday that stockholders representing only 89 percent of the shares had accepted its $3.4 billion bid for the company — just shy of the 90 percent required to close the deal.

But on Friday Cisco revealed that it has already bought up enough shares on the open market to raise its total stake above 91 percent and clinch the acquisition.

It comes after a hard-fought takeover effort. Cisco's original offer of $3 billion attracted less than 10 percent of the company's shareholders. It was forced to raise the bid and extend the deadline for accepting before enough shareholders agreed to sell.

Read Full Article from The Associated Press

- Posted: 2009-12-04 09:41:58

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