OSLO: US network equipment maker Cisco System is to buy Norwegian video-conferencing equipment maker Tandberg ASA for an agreed 17.2 billion Norwegian crowns (US$3bil) in cash.
The offer, worth 153.5 crowns per Tandberg share, represented a premium of 11% to its closing price on Wednesday, Tandberg said yesterday.
“Tandberg’s board of directors has unanimously decided to recommend to its shareholders to accept the Offer,” the company said.
Its shares closed at 138.30 crowns on Wednesday. — Reuters
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