Acquisition of TANDBERG to Expand Cisco's Collaboration Offering and Enable Customers to Transform How They Do Business Globally
SAN JOSE, CA and NEW YORK, NY and OSLO, NORWAY--(Marketwire - October 1, 2009) - Cisco® (
Under the terms of the agreement, Cisco will commence a cash tender offer to purchase all the outstanding shares of TANDBERG for 153.5 Norwegian Kroner per share for an aggregate purchase price of approximately $3.0 billion. This represents an 11.0% premium to the previous day closing price of TANDBERG's stock, and a 25.2% premium to the 3-month volume weighted average closing price for TANDBERG's stock. The proposal was recommended unanimously by TANDBERG's board of directors.
The acquisition is expected to close during the first half of calendar year 2010; however, the close date is subject to customary closing conditions, including regulatory review in the United States and elsewhere. Cisco expects the acquisition to be accretive to Cisco's non-GAAP earnings in fiscal year 2011.
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Cisco, TANDBERG, collaboration, TelePresence, video
About Cisco
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About TANDBERG
TANDBERG is the leading provider of telepresence, high-definition videoconferencing and mobile video products and services. The Company has dual headquarters in New York and Oslo. TANDBERG designs, develops and markets systems and software for video, voice and data communication. The Company provides sales, support and value-added services in more than 90 countries worldwide. TANDBERG is publicly traded on the Oslo Stock Exchange under the ticker TAA.OL. Please visit www.tandberg.com for more information.
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.
Forward-Looking Statements
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 the expected completion of the acquisition and the time frame in which this will occur, the expected benefits to Cisco from completing the acquisition, the impact of the combined company on relevant markets and plans regarding TANDBERG personnel. 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 a sufficient number of tendered shares of common stock and 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-K. 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.
Contact Information:
Press Contact:
Cisco International:
Ashley Zandy
+44 (0)20 7404 5959
azandy@cisco.com
Tim Burt
+44 (0)20 7404 5959
tburt@brunswickgroup.com
Cisco United States:
Kristin Carvell
+1 408 424 0206
kcarvell@cisco.com
Michael Buckley
+1 415 293 8461
mbuckley@brunswickgroup.com
Brandon Borrman
+1 415 293 8461
bborrman@brunswickgroup.com
TANDBERG:
Jean Rosauer
+1 202 531 7966
Jean.Rosauer@tandberg.com
Jeannie McPherson
+1 985 264 8887
Jeannie.McPherson@tandberg.com
Analyst Contact:
Main Contact:
Melissa Selcher
+1 408 424 1335
mselcher@cisco.com
Investor Relations Contact:
Main Contact:
Laura Graves
+1 408 526 6521
lagraves@cisco.com
International Contact:
Matt Hardwick
+44 (0)20 8824 1970
mahardwi@cisco.com