On October 1st, Cisco announced a definitive agreement to launch a recommended voluntary cash offer to acquire TANDBERG. TANDBERG, based in Oslo, Norway, and New York, is a leading provider of telepresence, high-definition videoconferencing and mobile video products and services. TANDBERG's leading video endpoints and network infrastructure solution will be integrated into Cisco's world-class collaboration architecture.
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. The acquisition is expected to close during the first half of 2010.