Cisco gets shareholder backing to complete Tandberg deal

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Cisco gets shareholder backing to complete Tandberg deal

Simon Quicke

Increasing its offer for Tandberg has paid off for Cisco as it secured backing for its takeover of the Norwegian video conferencing specialist.

Cisco has been attempting to seal a deal with Tandberg over the last few weeks but a group of shareholders had been stubbornly holding out arguing that the US networking giant should pay more than the originally tabled $3bn.

But plans to buy out remaining shareholders and some activity in November securing 2% of the shares has put Cisco in the driving seat with its revised $3.4bn offer managing to satisfy the doubters.

"Cisco hereby announces that approximately 99.8 million shares have been tendered, representing 89.1% of the outstanding shares in Tandberg,"the vendor stated.

At its recent Partner Velocity event in Paris Cisco's senior vice president, worldwide channels go-to-market group Edison Peres said that the attraction of TandBerg was the expertise the vendor had in themid and SME markets.

With Cisco's Telepresence video conferencing solution aimed at the enterprise market the strategy is to widen the portfolio so eventually it can target the full stretch from home to boardroom.

Related stories:

Cisco finds more dough for Tandberg

Tandberg shareholders snub takeover

Cisco hits back at Tandberg doubters

Tandberg falls to growing Cisco video empire


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