Tandberg Minority Owner Panta Capital Accepts New Cisco Bid
By Gustav Sandstrom, Of DOW JONES NEWSWIRES
STOCKHOLM -(Dow Jones)- Tandberg ASA (TAA.OS) minority owner Panta Capital
will accept Cisco Systems Inc.'s (CSCO) new NOK170 a share offer for the
Norwegian video-conferencing-equipment maker, Panta's managing director Peter
Germonpre told Dow Jones Newswires Monday.
Investment firm Panta Capital, which owns below 1% of the shares in Tandberg,
on Nov. 6 said in an open letter that Cisco's previous NOK153.50 a share offer
was too low to be accepted.
Germonpre said Monday that the new offer is satisfactory, although not a "
knock-out bid," and added that it will probably get through.
He said he has spoken to Tandberg minority owner Scott & Associates, which
also represents below 1% of the Norwegian company's shares, and said it is also
likely to accept the new offer.
Earlier Monday, Cisco raised its bid for Tandberg, valuing the company's total
shares at around 19 billion Norwegian kroner ($3.41 billion), and extended the
bid period to Dec. 1.
At 1048 GMT, shares in Tandberg were up 4% at NOK163.90, outperforming a 2%
rise in the wider Oslo market.
Company Web site: www.tandberg.com; www.cisco.com; www.pantacapital.com
-By Gustav Sandstrom, Dow Jones Newswires; +46-8-5451-3099; gustav.sandstrom@
dowjones.com
(END) Dow Jones Newswires
11-16-090617ET
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