Cisco Receives Final Competition Clearance From the European Commission and Declares TANDBERG Offer Unconditional
SAN JOSE, CA -- Cisco today announced that the European Commission has approved the appointment of CompetitionRx to oversee commitments made by Cisco to the Commission to promote interoperability in the collaboration market. This represents the final step in the clearance of the acquisition of TANDBERG from the European Commission.
As part of its commitments, announced on March 29, Cisco agreed to divest ownership of its TelePresence Interoperability Protocol (TIP) and the library of open source software useful to implementers of TIP to an independent industry body, as well as the creation of the monitoring role announced today. Cisco will also provide the industry body with all other rights necessary to implement TIP and authorize the industry body to license those rights to any interested party, royalty-free. Cisco launched a website on April 8 providing TIP licensing information.
With the approval of the appointment of CompetitionRx, Cisco has received all regulatory approvals necessary to complete its acquisition of TANDBERG. The acquisition remains subject to regulatory review in Brazil; however, clearance in Brazil is not a condition to closing. Cisco’s offer is now wholly unconditional. Under the terms of the offer, Cisco now has 14 days to close the transaction.
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This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including our commitments and the benefits from our commitments, and the expected time frame in which the transaction will close. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, the potential impact on the business of TANDBERG due to uncertainty relating to the acquisition, the retention of employees of TANDBERG and the ability of Cisco to successfully integrate TANDBERG and to achieve expected benefits, business and economic conditions and growth trends in the networking industry, customer markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco’s most recent report on Form 10-Q filed with the SEC on February 17, 2010. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.
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