Back in December Cisco secured its £3.8bn bid for Tandberg, controlling more than 90 per cent of shares. The deal is expected to close in the first half of 2010.
On 1st October 2009 Cisco announced their bid to acquire Tandberg for approximately $3.0 billion.
Following negotiations Cisco went on to announce a revised offer of approximately $3.4 billion on 16th November 2009.
In December 2009 Cisco controlled more than 90 per cent of shares in Tandberg, securing its £3.38bn bid.
We believe that the combined strengths of Cisco & Tandberg are set to bring great changes to the Video Conferencing industry. Tandberg has been growing phenomenally over the last 8 years and would enable Cisco a quick route to becoming number one in the Video Conferencing market. The Tandberg deal will expand Cisco’s telepresence portfolio into the lower-end of the market and also open the door for Cisco to sell more networking equipment.
The acquisition is expected to close during the first half of 2010.
John Chambers, Chairman and Chief Executive Officer, Cisco
“Cisco and Tandberg have remarkably similar cultures and a shared vision to change the way the world works through collaboration and video communications technologies,” said Cisco Chairman and Chief Executive Officer John Chambers. “Collaboration is a $34 billion market and is growing rapidly—enabled by networked Web 2.0 technologies. This acquisition showcases Cisco’s financial strength and ability to quickly capture key market transitions for growth.”
Fredrik Halvorsen, Chief Executive Officer, Tandberg
“Cisco and Tandberg share a vision of changing the way people communicate and collaborate,” said Tandberg Chief Executive Officer Fredrik Halvorsen. “This transaction is a vote of confidence, not just in Tandberg but in our technology and our people. The combination of world-class technologies, Cisco’s global scale, and exceptional people from both organizations will enable us to accelerate innovation and market adoption.”