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News

  • Cisco wins Tandberg with 91.1 percent stake

    After a hard-fought battle, Cisco has won control of videoconferencing leader Tandberg with ownership of 91.1 percent of the company's shares. Cisco had to raise its initial US$3 billion offer and extend the acceptance deadline three times in order to gain control of the company. Cisco's initial offer, made on October 1, was rejected by more than 90 percent of Tandberg shareholders.  Late Thursday, at the expiration of the third acceptance deadline, Cisco said it controlled 89.1 percent of Tandberg shares. The condition for ownership of the company was control of 90 percent of Tandberg shares, but Cisco waived this condition based on a 2 percent stake it acquired in November, according to published reports.   Of the 140 or so acquisitions Cisco has made in the past 16 years, Tandberg was perhaps the most challenging. Two groups of shareholders controlling 30 percent of the company balked at the initial $3 billion offer. And then two investment firms representing other stakeholders issued a public letter to Cisco CEO John Chambers and Senior Vice President Ned Hooper stating that Cisco was undervaluing the company and spelling out specific reasons why it should hike its offer.

  • Tandberg creates APAC channel director role

    Video conferencing company Tandberg has selected ANZ channel manager Adam Britten as its APAC channel director. The role is a newly created one. Britten joined the company in 2006 and helped to develop a two tier partner model.

  • Shareholders sue 3Com directors over HP merger

    3Com's board of directors is facing a lawsuit over the proposed acquisition by Hewlett Packard Development Company, but a financial analyst who studies Ethernet switching argued if approved, both vendors would benefit from the deal.

  • Cisco extends Tandberg deal deadline

    Cisco this week said is extending the acceptance period for its $US3 billion cash offer to acquire Tandberg to Nov. 18. The initial acceptance deadline was Nov. 9.