Cisco today announced a definitive agreement for Cisco to launch a recommended voluntary cash offer to acquire TANDBERG (OSLO: TAA.OL).  TANDBERG, based in Oslo, Norway, and New York, is a global leader in video communications, including a broad range of world-class video endpoint and network infrastructure solutions with intercompany and multi-vendor interoperability. With this proposed acquisition, Cisco will expand its collaboration portfolio to offer more solutions to a greater number of customers, further accelerating market adoption globally.

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.

Source: Cisco.com