Ericsson Completes Next Step in Tandberg Television Acquisition
April 27, 2007
Ericsson has completed the voluntary public cash offer for Tandberg Television, a deal that is paving the way for the Swedish telecommunications company to be a bigger force in IPTV.
Ericsson has received favorable rulings from the relevant competition authorities to acquire all outstanding shares in Tandberg Television. All conditions in the terms and conditions set out in the offer document have been met and Ericsson said in a statement it would complete the offer in accordance with the offer document.
The company made an unsolicited offer in February to acquire Tandberg for $1.4 billion in cash.
As soon as possible following settlement, expected to take place this week, Ericsson will proceed with a mandatory offer for the remaining shares in Tandberg Television as required under chapter four of the Norwegian Securities Trading Act.
Ericsson also plans to acquire the remaining shares in Tandberg Television in accordance with paragraph 4:25 of the Norwegian Public Limited Companies Act.
Ericsson also intends to have Tandberg Television delisted from the Oslo Stock Exchange after the mandatory offer is completed.