Cisco Controls More Than 90% of the Shares in TANDBERG
SAN JOSE, Calif., NEW YORK, and OSLO, Norway, December 4, 2009 In the voluntary public cash offer to acquire all outstanding shares in TANDBERG, Cisco (NASDAQ: CSCO) announces that it has now received acceptances for or purchased shares representing more than 90% of the shares in TANDBERG (OSLO: TAA.OL).
As a result of additional acceptances registered today, Cisco hereby announces that approximately 99.8 million shares have been tendered, representing 89.1% of the outstanding shares in TANDBERG. In addition, Cisco has on November 18 and 20, 2009, purchased a total of 2,238,600 shares in TANDBERG, corresponding to 2.0% of the outstanding and issued shares. The shares tendered, combined with shares owned, currently represent approximately 102 million shares, or approximately 91.1% of the shares and voting rights in TANDBERG.
There may be adjustments to this result due to possible corrections and changes following registration with the Verdipapirsentralen (VPS). The final result will be published as soon as it is available.
Subject to the satisfaction or waiver of the remaining conditions to the offer as set forth in the offer document, dated October 7, 2009, Section 1.7, Cisco intends 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. In accordance with Section 1.7 (Conditions to the Offer) of the offer document, Cisco will issue a notification through the Oslo Stock Exchange as soon as each of the remaining conditions to the offer has been met, waived or failed to be met.
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Cisco, the Cisco logo and Cisco Systems are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
This document is Cisco Public Information.
TANDBERG is a registered trademark or trademark in the U.S. and certain other countries. All other trademarks are property of their respective owners.
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Cisco's intention to make a compulsory acquisition and to proceed with an application for a de-listing of the shares. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, obtaining regulatory approval of the acquisition, the potential impact on the business of TANDBERG due to the uncertainty about the acquisition, the retention of employees of TANDBERG and the ability of Cisco to successfully integrate TANDBERG and to achieve expected benefits, business and economic conditions and growth trends in the networking industry, customer markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco's most recent report on Form 10-Q filed with the SEC on November 18, 2009. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.