Cisco ups offer for videoconferencing firm Tandberg to $US3.4B
- 16 November, 2009 22:17
Cisco has raised its bid for Norwegian video conferencing vendor Tandberg to 19 billion Norwegian Kroner ($US3.4 billion), up from $US3.0 billion, but says it will raise its price no further.
The new offer will expire on Dec. 1, and is the final offer Cisco will make, the company said.
The holders of an additional 30 percent of Tandberg's shares have accepted the new offer, taking the number of shares committed to the deal to over 40 percent. However, the companies need the support of holders of 90 percent of the shares for the deal to go through.
Cisco's original offer for Tandberg, made on Oct. 1, was immediately said to be to low by some commentators, and on Oct. 15 a Swedish stockbroker said stockholders representing 24 percent of the shares in Tandberg would not accept the $US3.0 billion offer.
The increased offer shows how important Cisco thinks Tandberg and the video conferencing market is, according to Geir Olsen, President of Europe, Middle East and Africa at Tandberg.