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.
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Cisco said that it intends to respond expeditiously to the request and continue to work cooperatively with the DOJ in connection with its review.
