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Following an uncomfortable struggle with a stubborn set of Tandberg ASA (OSE: TAA ) shareholders, Cisco Systems Inc. (Nasdaq: CSCO ) announced Friday morning it "has now received acceptances for or purchased shares representing more than 90% of the shares" in the Norwegian conferencing systems vendor, and that it will proceed with its $3.4 billion acquisition.
Cisco Systems, after a fight to get shareholder approval for its bid to buy videoconferencing firm Tandberg, said Friday it owns more than 90% of the shares of the Norwegian company.
Cisco said Friday that its subsidiary Cisco Systems Netherlands Holdings (" Cisco") has now received acceptances for or purchased shares representing more than 90% of the shares in Tandberg.
SAN JOSE, Calif. (AP) — Cisco Systems now says it has control of enough Tandberg ASA shares to take over the Norwegian company.
Cisco Systems says it is waiving its condition that 90 percent of shareholders of Norwegian videoconferencing equipment firm Tandberg ASA back its $3.
The U.S. government has identified flaws in equipment from four companies, including Cisco Systems Inc , that hackers can exploit to break into corporate computer networks.
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Cisco Systems has gained control of 84 percent of the Norwegian videoconferencing company Tandberg , but the network equipment maker will need a little more help from shareholders to meet the 90 percent threshold that ill allow it to buy its target outright, Reuters said.
Enterprise Networking Planet: "Cisco Systems is expanding its push in the small and midsized business segment of the networking marketplace. Today Cisco is unveiling a series of new product, partner and service initiatives as it continues its year-old $100 million effort to target the SMB market."
The introduction of the FlipShare TV by Cisco Systems shows the networking giant's strategic foray into the consumer space is moving ahead in a systematic fashion. The FlipShare is a companion piece to Flip Video camcorders, which were introduced by Pure Video in 2007 and came to Cisco in the acquisition of Pure in May.
When it comes to alternatives to the billable hour, Cisco Systems, Inc., the huge builder of network equipment, seems downright prescient.
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