Ericsson Proceeds with Tandberg Television Takeover

3/19/2007 10:15 AM Eastern

Ericsson said Monday that it received acceptances for 87.4% of Tandberg Television's shares, allowing its takeover bid to proceed, AP reported.

The company added that it will waive the condition for a 90% acceptance rate from its original cash offer in February, and it will complete the purchase from shareholders who accepted the voluntary bid for 106 kroner ($17.35) per share, according to AP.

Tandberg's board of directors approved Ericsson’s offer earlier this month.

Arris -- which submitted its own bid for Tandberg Jan. 15, prior to Ericsson’s bid -- officially pulled itself out of the running earlier this month.

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