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Telecommunications Cisco warns it might abandon bid for Tandberg
Telecommunications Cisco warns it might abandon bid for Tandberg | Cisco warns it might abandon bid for Tandberg |
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| by Stuart Corner | |
| Tuesday, 03 November 2009 | |
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The nearest thing to an official statement on Cisco's position comes from Ned Hooper, chief strategy officer who also leads Cisco's consumer business (the fact that he holds both these roles must say something about where Cisco sees its future growth) posted on the company's official blog site, The Platform. Hooper said: "We strongly believe our offer is a very good price for Tandberg shareholders...[It] represents a 38.3 percent premium to the closing share price on July 15 - which is one day prior to major media reports of a possible transaction. The price also represents a 102 percent 12 month return for Tandberg shareholders, far surpassing global market index returns." He claimed the price "lock[s] in a superior return for Tandberg shareholders and protect[s] them from future market risk" and "also fairly reflect[s] risks borne exclusively by Cisco shareholders." But he warned "The bottom line is that Cisco will always act with fiscal prudence...We believe the time is right for Cisco and Tandberg to come together to help accelerate global adoption of collaboration technology through interoperable, standards-based products. However, no acquisition should be pursued or completed if it runs counter to the broader principles of prudence and financial fairness." CONTINUED
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