Tandberg Buyout is On, Says Cisco
Cisco Systems said it plans to go ahead with its plan to acquire Norway’s Tandberg though the acceptances from shareholders were 89 percent — slightly below its target of 90 percent.
Cisco’s decision finally paves the way towards creating the world’s largest video conferencing equipment company.
Cisco original bid was rejected by over 90 percent of Tandberg shareholders, forcing the company to repeatedly extend its offer deadline and raise its bid by 10 percent last month.
Tandberg is the leading videoconferencing equipment maker, filling a gap between Cisco’s high-end TelePresence conferencing products and WebEx desktop video service. According to industry estimates, Tandberg holds 40 percent of the mid-tier market for videoconferencing.
Cisco’s acquisition of Tandberg could trigger more deals in the videoconferencing space with companies like Microsoft, Hewlett-Packard, IBM, Polycom and Avaya looking to add videoconferencing services to counter Cisco s dominance.
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