Oslo/ Stockholm - With one exception, the entire board of Norwegian group Tandberg Television said it had accepted Swedish telecommunications equipment maker Ericsson's bid for the group.
Sole dissenter, Arne Jensen, later advised the Oslo Bourse that he had sold his holdings in the group.
Tandberg Television's chief executive and chief financial officer also backed Ericsson's bid, worth 9,8-billion kronor (about R10,2-billion), which was due to expire yesterday.
Last week, the board reversed its previous support for an earlier bid presented in January by United States group Arris, advising shareholders to accept Ericsson's bid.
Ericsson's offer presented on February 26 was roughly a 10 per cent premium on the earlier bid by Arris, the board said then.
The board's reversal obliged Tandberg Television to pay a termination fee of $18-million (about R133-million) to Arris if the deal with Ericsson goes through.
Ericsson has said it would refund that sum if the deal fails.
If Ericsson succeeds in buying Tandberg Television, it would expand Ericsson's customer base to include cable and satellite operators as well as broadcasters, the Swedish group said, noting that Tandberg Television has customers in more than 100 countries and more than 200 patents.
Internet TV, also known as IPTV (Internet protocol TV), is considered a major growth sector in mobile and fixed networks.
Tandberg Television has around 870 employees and its European headquarters are based in Southampton, Britain.
Ericsson, which owns some 11,7 percent of Tandberg Television, said the deal hinged on approval from competition authorities. - Sapa-DPA