TANDBERG Television Responds to Ericsson Announcement
OSLO, Norway--(BUSINESS WIRE)--The Board of Directors of TANDBERG Television (OSE:TAT) has reviewed the press release issued today by Ericsson (NASDAQ:ERIC) indicating that Ericsson intends to make an unsolicited, voluntary all cash offer to purchase all of the outstanding common shares of TANDBERG Television at a price of NOK 106 per share. TANDBERG Television disclosed on January 15th an offer from ARRIS Inc for NOK 96 (NOK 80 in cash, with the balance in ordinary shares of ARRIS).
Upon receipt of the offer document from Ericsson, the TANDBERG Television Board of Directors will review its terms and conditions, with the assistance of its financial and legal advisors, and will then provide the TANDBERG Television shareholders with a recommendation. Until such time, TANDBERG Television will make no further comment on the announcement by Ericsson.