Ericsson launches mandatory offer and initiates compulsory acquisition of the remaining shares in Tandberg Television
Post completion of the voluntary offer for Tandberg Television (OSE:TAT), Ericsson (NASDAQ:ERIC) holds 74,929,553 shares in Tandberg Television, which corresponds to about 93 percent of the outstanding shares. On the basis of Ericsson holding more than 90 percent of the outstanding shares in Tandberg Television, Ericsson will launch a mandatory offer and initiate a compulsory acquisition of the remaining shares.
The mandatory offer document is expected to be released May 9 and in such a case, the offer period will be from May 10 to June 7, 2007, inclusive. The combined mandatory offer document and notice of compulsory acquisition will be sent to all shareholders of Tandberg Television on May 9, and will be available on www.sebenskilda.no from May 9. The compulsory acquisition is expected to take effect from May 10, 2007, the first day of the offer period of the mandatory offer, after which Ericsson will assume title to all Tandberg Television shares.
Accordingly, the last day of trading for the Tandberg Television share on Oslo Børs is expected to be May 9, 2007. The formal delisting is expected to take place as soon as settlement under the mandatory offer is effected.
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