Tandberg Television has given details of the process that led to the January 15 announcement was to be sold to the US cable technology supplier Arris. The statement followed concerns from shareholders and the market.
Deutsche Bank has advised Tandberg on exploring strategic opportunities since 2002, but the key date was September 6, 2006, when Tandberg issued an unexpected profits warning. The company subsequently received a number of approaches which let to some of the parties conducting due diligence. “Having reviewed the competitive landscape, increasing consolidation of both customers and competitors, and the loss of business opportunities to larger competitors, the Board concluded that a combination to create a larger scale operation, at the premium offered,” said a Tandberg statement.
Announcing its fourth quarter results Tandberg recorded pre-tax profits of $14.5 million (€11.16m) compared to $18m in the previous year.