U.S. network equipment maker Cisco System is to buy Norwegian video-conferencing equipment maker Tandberg ASA for an agreed 17.2 billion Norwegian crowns ($3.0 billion) in cash.
The offer, worth 153.5 crowns per Tandberg share, represented a premium of 11 percent to its closing price on Wednesday, Tandberg said on Thursday.
"Tandberg's board of directors has unanimously decided to recommend to its shareholders to accept the Offer," the company said. Its shares closed at 138.30 crowns on Wednesday.
"This sounds like a pretty good price, so I would think it will end up there. But the bid will stand for four weeks, and there might be other (offers)," analyst Martin Hoff at Arctic Securities said.
Cisco Systems said Tandberg chief executive Fredrik Halvorsen would continue to lead the unit.