12/04/2009
Thomson Reuters
OSLO (Reuters) — Cisco Systems, the network equipment maker, said on Friday that it had control of more than 90 percent of the Norwegian videoconferencing company Tandberg, and will buy out remaining shareholders.
Cisco said it had 89.1 percent acceptance for its offer of 19 billion Norwegian crown or $3.4 billion in addition to 2 percent of Tandberg, or 2.2 million shares, that it bought in November.
Cisco struggled to win over Tandberg shareholders. Its original bid was rejected by over 90 percent of Tandberg shareholders, forcing Cisco to repeatedly extend its offer deadline and raise its bid by 10 percent last month.
The companies also said on Friday that the Department of Justice had made a request for additional information about the deal.
“Cisco intends to respond expeditiously to this request and continue to work cooperatively with the DOJ in connection with its review,” it said.
