Cisco has unveiled a revised recommended voluntary cash offer to acquire Norway-based videoconferencing Tandberg. Under the revised terms, Cisco will offer to purchase all the outstanding shares of Tandberg for NOK 170 per share for an aggregate purchase price of approximately USD 3.4 billion. Cisco's earlier bid amounted to NOK 153.50 per share. At the same time Cisco will also increase the interest payable on the offer price to a rate of 3.00 percent from a rate of 1.75 percent. This revised offer represents Cisco's final price for this transaction. Shareholders representing in aggregate more than 30 percent of the outstanding shares, including Tandberg'S largest shareholders Folketrygdfondet and OppenheimerFunds, have pre-accepted this offer based on this new price. These shares combined with the previously announced shareholder acceptances bring the total to in excess of 40 percent of the outstanding shares committed to the transaction. As a result of the revised offer, Cisco has extended the acceptance period until 1 December at 17:30 hours. The offer document shall continue to apply for the new offer; provided that Cisco reserves the right to waive, in its sole discretion, any conditions to the offer, including, without limitation, the 90 percent acceptance level condition.
