Cisco Systems, Inc. is a global company with almost 55 000 employees in 2007. Headquartered in San Jose, California, United States, but they have branches all over the world. The company produces and sells technology and services in networking and communications under four brand names: Cisco, Linksys, WebEx and Scientific Atlanta. Cisco first produced the only multi-protocol routers for businesses, but today are the products of all networks, both public and private.
The company was established in 1984 and was the first who produced routers for communication between networks. The name of the company are from the last part of the word, San Francisco, and the logo is a visualization of the Golden Gate.
Cisco is valued at 136 billion on the Nasdaq.
IT firm Cisco has submitted a bid for Tandberg TAA. It comes out of a stock exchange announcement from TANDBERG Thursday morning.
Cisco, which has 55,000 employees and is listed on Nasdaq, have made a bid for all shares. The bid is at 153.5 per share, which prices Tandberg to NOK 17.2 billion. The bids is valid for four weeks.
The bid is 11 percent higher than Wednesday's closing price of 138.3 dollars, but 25 percent higher than the average rate of Tandberg in the last three months.
Recommend bid
Both the Board and management of Tandberg recommends shareholders to accept the bid from the Cisco.
- The Board has been carefully reviewd the terms of the bid, and are unanimous in our recommendation,
Halvorsen lid of bold jobs
When the transaction is completed, the CEO Fredrik Halvorsen Tandberg lead Cisco's newly formed group "Telepresence Technology." Halvorsen will report to Marthin De Beer, vice president at one of Cisco's divisions.
- We believe that Cisco, with its breadth of expertise and good acquisition history, will be a strong owner of Tandberg business area. Cisco's ownership will strengthen Tandberg position to offer our customers and partners an even greater innovation, and increase opportunities for our employees, "said Halvorsen in the press release.
- Performance equal culture
Cisco said the acquisition is expected to be completed in the first half of next year. Cisco warns, however, that the enclosement is contingent on government approval.
- Cisco and Tandberg has a strikingly similar culture and a common vision to change the way the world works through the collaboration and video conferencing technology, "said Cisco Chairman John Chambers working in a statement.
Chambers said the bid for Tandberg shows Cisco's financial strength - and ability to strike quickly in order to achieve growth in new key markets
