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Cisco Systems extends offer period to acquire Tandberg

Posted on: Tue, 10 Nov 2009 13:20:00 EST

Symbols: CSCO

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Nov 10, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
CSCO | Quote | Chart | News | PowerRating -- Update on November 9, 2009:

Cisco Systems, Inc. has extended the acceptance period for its recommended public cash offer to acquire all outstanding shares in Tandberg ASA, a Norway-based provider of visual communication products and services.

The extended offer period expires on November 18, 2009.

Cisco Systems is a US-based designer and manufacturer of communications, network, and information technology related products.

Announcement (October 1, 2009):

Cisco Systems has entered into a definitive agreement to launch a recommended voluntary cash offer to acquire all outstanding shares in Tandberg at a price of NOK153.5 ($26.45) per share. The transaction is valued at approximately $3,000 million.

The offer price represents a premium of 11% to Tandberg's closing share price on September 30, 2009 and a 25.2% premium to the 3-month volume weighted average closing price of Tandberg's common stock. The proposal was recommended unanimously by Tandberg's Board of Directors. The acquisition is expected to close during the first half of calendar year 2010.

Lazard & Co. is acting as financial advisor and Fenwick & West LLP is acting as legal advisor to Cisco Systems. Thommessen Krefting Greve Lund AS Advokatfirma is acting as legal advisor and J.P. Morgan is acting as financial advisor to Tandberg.

Deal Value (US$ Million) 3000
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Announced: 2009-10-01

Deal Participants

Target (Company)   Tandberg ASA
Acquirer (Company) Cisco Systems, Inc.

Deal Rationale

The acquisition will enable Cisco to expand its collaboration portfolio to offer more solutions to a greater number of customers, further accelerating market adoption globally.

It will also facilitate Cisco to enter into new markets like consumer electronics, business collaboration software and computer servers.

Bid Premium ($ per share) 11

For full details on Cisco Systems Inc (CSCO) CSCO. Cisco Systems Inc (CSCO) has Short Term PowerRatings at TradingMarkets. Details on Cisco Systems Inc (CSCO) Short Term PowerRatings is available at This Link.

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