Cisco Systems has offered to acquire Tandberg and its subsidiaries for $3 billion, Cisco Systems announced Oct. 2. 
    The offer represents a 25 percent premium to the three-month average closing price for Tandberg stock. The proposal has already been unanimously recommended by Tandberg’s board, the Norwegian video technology company said.
    Cisco will pick up Tandberg’s 40 percent share of the global videoconferencing market in the acquisition. The transition would be in effect for the Cisco’s second quarter. The company reported that it had more than $35 billion in cash on its books at the end of July. 
    Tandberg CEO Fredrik Halvorsen will lead the new combined TelePresence Technology Group, reporting to Marthin de Beer, senior vice president of Cisco’s Emerging Technologies Group. Cisco said that Tandberg’s 1,500 employees will integrate into the new Cisco Systems company.