Cisco Systems Netherlands Holdings B.V. or offeror, an indirectly wholly-owned subsidiary of Cisco Systems Inc. (CSCO), announced a new and improved offer for all issued and outstanding shares in Tandberg ASA, with an increased offer price of NOK 170 per share, valuing the total share capital of Tandberg ASA at approximately NOK 19 billion.
Cisco Systems Netherlands said that it has decided to increase the interest payable on the new Offer Price at a rate of 3.00% per annum from, but not including, the last day of the New Offer Period to and including the date the settlement of the New Offer Price takes place.
If the Offeror does not achieve the desired level of acceptances, the Offeror will withdraw the New Offer and evaluate alternative ways to expand Cisco's activities in the video communications market. The new offer period for the new offer will expire on 1 December 2009.
The Offeror has received pre-acceptances for the New Offer from shareholders representing in aggregate more than 30% of the outstanding shares, including Tandberg ASA's largest shareholders Folketrygdfondet and OppenheimerFunds, which means that the Offeror now has received acceptances representing in excess of 40%.
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