SAN JOSE, Calif. (AP) — Cisco Systems now says it has control of enough Tandberg ASA shares to take over the Norwegian company.
Cisco had said Thursday that stockholders representing only 89 percent of the shares had accepted its $3.4 billion bid — just shy of the 90 percent required to close the deal.
But on Friday Cisco revealed that it has already bought up enough shares on the open market to raise its total stake above 91 percent and clinch its acquisition of the world’s largest videoconferencing equipment maker.
It comes after a hard-fought takeover effort. Cisco’s original offer of $3 billion attracted less than 10 percent of the company’s shareholders. It was forced to raise the bid and extend the deadline for accepting before enough shareholders agreed to sell.