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.