Cisco agrees to buy Norway's Tandberg for $3 bln

[October 01, 2009]  OSLO (AP) -- Cisco Systems Inc. says it has agreed to buy Tandberg ASA, a Norwegian company that makes hardware for video conferences, for $3 billion.

isco, the world's largest maker of computer networking equipment, said Thursday it offered 153.50 kroner ($26.50) per share of Tandberg's stock, an 11 percent premium on Wednesday's closing share price.

Tandberg said in a statement that the proposal was recommended by a unanimous vote of its board of directors. The acquisition is expected to close in the first half of 2010.

The company's shares rose 11 percent to 153.80 kroner ($26.50) in morning trading in Oslo.

Tandberg employs 1,500 people globally, with joint headquarters in Oslo and New York.

[Associated Press]

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