Oslo (Norway): Cisco Systems will acquire Norway's video conferencing equipment maker Tandberg ASA for $3 billion (17.2 billion Norwegian crowns) in cash, the companies informed on Thursday.
"Tandberg's board of directors have unanimously decided to recommend its shareholders to accept the offer," informed Tandberg.
The analysts had different opinions about the offer price, as some stated it fair while others said that it was too low. "This sounds like a pretty good price so I would think it will end up there. But the bid will stand for four weeks and there might be other offers," said Martin Hoff, Analyst, Arctic Securities.
"The probability for a competing bid was low, but not impossible. From an industrial perspective, this is right for the company," said Espen Torgersen, Analyst, Carnegie. He also added that the price was "highly acceptable".
Tandberg's share price rose up to 12.8 percent to a high of 156 Norwegian crowns before getting back to 154 Norwegian crowns. The shares of Cisco trading in Frankfurt were one percent lower at $23.28 (15.98 euros).
Cisco Systems informed that Fredrik Halvorsen, Chief Executive Officer, Tandberg would continue to lead the unit.
Showing posts with label cisco. Show all posts
Showing posts with label cisco. Show all posts
Thursday, October 1, 2009
Saturday, August 1, 2009
Will Cisco Lay off 600 More
Another round of employees at Cisco Systems reportedly got pink slips Thursday, as the company laid off several hundred employees as part of its plan to cut costs and realign its business.
The Wall Street Journal reported Friday that between 600 and 700 Cisco employees were laid off at the company’s headquarters in San Jose, Calif. The company also cut jobs at branch offices in other parts of the U.S. The Wall Street Journal cited sources close to the company.
A spokesman for the company told the Wall Street Journal that Cisco was “doing everything possible to minimize the impact on employees affected by the limited restructuring.”
Like all companies, Cisco, which makes networking equipment that runs the Internet and provides communications for large companies, has seen sales slump as a result of the global recession. The company said earlier this year that it would likely cut between 1,500 and 2,000 jobs as it realigned its business to focus on newer more profitable business segments. The cuts were expected to be completed at the end of the company’s fiscal year, which ends this month.
In February, Cisco said it cut about 250 jobs at its San Jose headquarters. Cisco had 66,558 employees at the end of April. Despite the cuts, Cisco’s CEO John Chambers has said publicly that he believes the worst of the recession is over. But he noted that it could take some time before spending returns to high levels. Wall Street will be watching the company’s next earnings call very carefully to see signs that the bottom has been reached. Cisco will report fiscal fourth quarter and end of year earnings on August 5 after the market closes.
Source : Cnet
The Wall Street Journal reported Friday that between 600 and 700 Cisco employees were laid off at the company’s headquarters in San Jose, Calif. The company also cut jobs at branch offices in other parts of the U.S. The Wall Street Journal cited sources close to the company.
A spokesman for the company told the Wall Street Journal that Cisco was “doing everything possible to minimize the impact on employees affected by the limited restructuring.”
Like all companies, Cisco, which makes networking equipment that runs the Internet and provides communications for large companies, has seen sales slump as a result of the global recession. The company said earlier this year that it would likely cut between 1,500 and 2,000 jobs as it realigned its business to focus on newer more profitable business segments. The cuts were expected to be completed at the end of the company’s fiscal year, which ends this month.
In February, Cisco said it cut about 250 jobs at its San Jose headquarters. Cisco had 66,558 employees at the end of April. Despite the cuts, Cisco’s CEO John Chambers has said publicly that he believes the worst of the recession is over. But he noted that it could take some time before spending returns to high levels. Wall Street will be watching the company’s next earnings call very carefully to see signs that the bottom has been reached. Cisco will report fiscal fourth quarter and end of year earnings on August 5 after the market closes.
Source : Cnet
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