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Cisco Extends Tandberg Offer till November 18|
- By CXOtoday Staff, Nov 11, 2009 1220 hrs IST
- Tags : Cisco offer, Tandberg acquisition
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US networking giant Cisco has extended its $3 billion offer for Norwegian video-conference company Tandberg until November 18.
The company said in a statement that it could abandon the Tandberg offer if it does not obtain 90 percent shares. The company also said it currently holds rights to acquire 9.37 percent of Tandberg.
Cisco's offer on Tandberg acquisition expired on November 9.
"Soon after expiration of the extended offer period on 18 November 2009 at 5:30 pm CET (1630 GMT), Cisco will announce whether the 90 percent condition for the offer has been met," Cisco said in a statement sent to the Oslo stock exchange. "If not, Cisco will evaluate whether or not to withdraw the offer," it said.
Cisco's offer has been unanimously accepted by the Tandberg board, but some shareholders have been resisting it, saying it is too low.
Related Links
Cisco to Drop Tandberg Acquisition Plan
Videoconferencing Market Faces Shakeout
Cisco to Acquire Tandberg
Cisco Expands TelePresence Network
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