Ericsson completes the voluntary public cash offer for Tandberg Television
Ericsson (NASDAQ:ERIC) has received favorable rulings from the relevant competition authorities to acquire all outstanding shares in Tandberg Television (OSE:TAT). Furthermore, no material adverse change has occurred. Consequently, all conditions in the terms and conditions set out in the offer document, dated February 26, 2007, have been met and Ericsson will complete the offer in accordance with the offer document.
Settlement for the shares submitted in the voluntary public cash offer is expected to take place on or about April 25, 2007. As soon as possible following settlement, Ericsson will proceed with a mandatory offer for the remaining shares in Tandberg Television as required under chapter four of the Norwegian Securities Trading Act.
In parallel, Ericsson plans to initiate a compulsory acquisition of the remaining shares in Tandberg Television in accordance with paragraph 4:25 of the Norwegian Public Limited Companies Act. Such compulsory acquisition of shares is expected to take effect soon after the announcement of the mandatory offer. In addition, Ericsson intends to arrange for a delisting of the Tandberg Television share from the Oslo Stock Exchange. Such delisting will likely take effect soon after settlement of the mandatory offer.
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