US firm sweetens bid for Tandberg
By Wojciech Moskwa |
November 17, 2009, Tuesday
|
Print Edition
Print Edition
CISCO, the United States network equipment maker, has raised its bid for Norwegian video conferencing equipment maker Tandberg, backed by holders of more than 40 percent of its shares, few of whom had warmed to its previous bid.
Cisco said it would pay 170 Norwegian crowns (US$30.51) per Tandberg share, up from its previous 153.50 crowns, valuing the Norwegian company at near 19 billion crowns.
The sweetened bid comes after more than 90 percent of Tandberg shareholders snubbed Cisco's initial offer, but few analysts expected Cisco to walk away, having repeatedly touted online videoconferencing as a key growth area.
The new offer is backed by Tandberg's two largest shareholders, funds Folketrygdfondet and OppenheimerFunds, and has received acceptances from owners representing more than 40 percent of Tandberg stock, Cisco said. It expires on December 1.
In a statement, Cisco said: "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."
Tandberg shares rose 4.8 percent to 165.10 crowns after a trading halt was lifted.
No other company has publicly shown interest in a bid, though analysts have talked of possible suitors such as Microsoft, Hewlett-Packard, IBM and Avaya.
Analysts have said regardless of whether and how the Cisco-Tandberg deal closes, it could trigger more transactions involving videoconferencing companies such as No. 2 player Polycom Inc.
Cisco said it would pay 170 Norwegian crowns (US$30.51) per Tandberg share, up from its previous 153.50 crowns, valuing the Norwegian company at near 19 billion crowns.
The sweetened bid comes after more than 90 percent of Tandberg shareholders snubbed Cisco's initial offer, but few analysts expected Cisco to walk away, having repeatedly touted online videoconferencing as a key growth area.
The new offer is backed by Tandberg's two largest shareholders, funds Folketrygdfondet and OppenheimerFunds, and has received acceptances from owners representing more than 40 percent of Tandberg stock, Cisco said. It expires on December 1.
In a statement, Cisco said: "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."
Tandberg shares rose 4.8 percent to 165.10 crowns after a trading halt was lifted.
No other company has publicly shown interest in a bid, though analysts have talked of possible suitors such as Microsoft, Hewlett-Packard, IBM and Avaya.
Analysts have said regardless of whether and how the Cisco-Tandberg deal closes, it could trigger more transactions involving videoconferencing companies such as No. 2 player Polycom Inc.
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