Under the revised terms, Cisco will offer to purchase all the outstanding shares of TANDBERG for 170 Norwegian Kroner per share for an aggregate purchase price of approximately $3.4 billion. Cisco will also increase the interest payable on the offer price to a rate of 3.00% from a rate of 1.75%. This revised offer represents Cisco's final price for this transaction.
Shareholders representing in aggregate more than 30% of the outstanding shares, including TANDBERG'S largest shareholders Folketrygdfondet and OppenheimerFunds, have pre-accepted this offer based on this new price. These shares combined with the previously announced shareholder acceptances bring the total to in excess of 40% of the outstanding shares committed to the transaction.