Network equipment maker Cisco Systems said that it has received acceptances for or purchased shares representing more than 90% of the shares needed to take over videoconferencing firm Tandberg.
Cisco said that approximately 99.8m shares have been tendered, representing 89.1% of the outstanding shares in Tandberg. In addition, it has purchased a total of 2,238,600 shares in Tandberg, corresponding to 2% of the outstanding and issued shares. The shares tendered, combined with shares owned, currently represent approximately 91.1% of the shares and voting rights in Tandberg.
The company said that it plans to make a compulsory acquisition of the remaining shares in Tandberg pursuant to the Norwegian Public Companies Act and to proceed with an application for a de-listing of the shares of Tandberg, subject to the satisfaction or waiver of the remaining conditions to the offer.
However, the company said that it has received a ‘second request’ for additional information from the US Department of Justice with respect to previously announced proposed acquisition of Tandberg.
Cisco said that it intends to respond expeditiously to the request and continue to work cooperatively with the DOJ in connection with its review.