Swedish telecoms giant Ericsson has announced a counterbid for Tandberg Television valuing the company at SKr9.8 billion (€1.05bn). The cash offer puts a mark up of 10.4% on the previous bid for the company made in January by Arris.
Ericsson has already accrued a holding of 11.7% of Tandberg’s share capital and has irrevocable acceptances for approximately 13% more.
“IPTV for cable and telecom operators is the biggest networked multimedia opportunity going forward. Ericsson and Tandberg Television is a strong combination with a unique ability to offer complete IPTV solutions,” said Carl-Henric Svanberg, president and CEO, Ericsson.
Should the offer be accepted, Tandberg would become a wholly owned subsidiary of Ericsson.
In a statement, Tandberg its board of directors would review the terms and conditions of the offer before providing its shareholders with a recommendation, but would not be making any further comment.
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