Arris Group officially pulled itself out of the running for Tandberg Television Thursday.
The company originally bid 96 Norwegian kroner ($15.66) per share for Tandberg Jan. 15, but Ericsson countered with an unsolicited bid that was 10% higher, and Tandberg’s board of directors unanimously recommended that shareholders accept the Ericsson bid Wednesday.
“Although the Tandberg Television acquisition was a desirable transaction, our offer was fully priced, and we believe a transaction at higher price would not be in the best interests of our shareholders,” Arris chairman and CEO Bob Stanzione said in a prepared statement.
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