Why Cisco wants Tandberg: Video will be boss, Elfrink says
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RESEARCH TRIANGLE PARK, N.C. — Cisco’s globalization boss says the company’s bid to buy Tandberg ASA is important because Cisco (NasdaqGS: CSCO) sees video as “the next killer app,” the Reuters news service reported Wednesday.
Quoting Wim Elfrink speaking at the {{a href=“external_link-1”}}Morgan Stanley Annual Technology, Media and Telecoms Conference{{/a}} that opened Wednesday in Barcelona, Reuters said he told the audience, "Tandberg is going to be very strategic."
Tandberg, a Norwegian company, makes videoconferencing equipment and supporting solutions. A sweetened, $3.4 billion Cisco takeover bid had a Tuesday deadline, and Cisco said it had pre-commitments from owners of 40 percent of Tandberg’s stock before it made that official. It wants 90 percent.
A $3 billion offer that expired last week drew less than 10 percent of Tandberg’s stock and public unhappiness from several institutional holders and financial advisers.
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