Arris Issues Official Bid for Tandberg TV
Deal Would Combine Networking-Equipment Vendor, Video-Encoding Provider
By Todd Spangler -- Multichannel News, 2/15/2007 11:30:00 AM
Arris launched a tender offer Thursday for the shares of Tandberg Television, a deal announced Jan. 15, valuing Tandberg at about $1.2 billion.
As previously announced, the Arris bid is 96 Norwegian kroner ($15.66) per share of Tandberg, which is traded on the Oslo stock exchange. The offer will comprise at least 80 kroner ($13.05) in cash and up to 16 kroner ($2.61) in stock.
Arris, based in Suwanee, Ga., near Atlanta, is predominantly a vendor of data- and voice-networking equipment to cable operators. Tandberg, with U.S. operations in nearby Duluth, Ga., makes video-encoding equipment used by cable, telco and satellite-service providers.
Arris said the voluntary tender offer period is scheduled from Feb. 15-March 15. The transaction is expected to be completed in the second quarter of 2007, pending regulatory and other approvals. Arris must also receive approval of the deal from Tandberg shareholders who own more than 90% of the shares. The Tandberg board unanimously recommended the offer to shareholders.
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