Cisco Systems, Inc. (CSCO) announced that it has received acceptances representing 7.92 million shares in Norway's Tandberg (TADBY.PK, TADBF.PK) with respect to its voluntary public cash offer.
Following receipt of these acceptances, Cisco holds rights to acquire 10.49 million shares in Tandberg, representing 9.37% of the shares and voting rights in Tandberg.
Cisco stated that it will announce whether the 90% condition for the offer has been met, soon after expiration of the extended offer period on November 18, 2009, at 5:30 pm CET. On November 9, Cisco announced that it is extending acceptance period for its offer to November 18, with terms and conditions remaining the same.
In addition, Cisco specified that it will evaluate whether or not to withdraw the offer, if the 90% condition for the offer has been met.
It is to be noted that stockholders representing 30% of Tandberg shares are reportedly opposing the offer, and expect Cisco to sweeten the offer.
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