Cisco Sweetens Tandberg Bid Offer
Cisco Systems on Monday raised its bid for Tandberg ASA by 10 percent to 19 billion Norwegian crowns ($3.41 billion), a move that is widely expected to find favour with shareholders of the videoconferencing company.
Cisco said its new bid of 170 crowns per share has the approval of holders of more than 40 percent of Tandberg shares, including the top two investors who had opposed the original offer.
Last week, Cisco had extended the deadline for its original offer to Nov. 18. Cisco said the new bid would be its last and would expire on Dec. 1.
"The new offer represents the offeror’s final price for this transaction," Cisco said, adding that it will withdraw the offer if it doesn’t achieve the desired 90 percent level of acceptance.
Tandberg’s board, which had already supported the original price, called the new offer "outstanding".
From its traditional focus on routers and switches, Cisco has been striking new deals to expand its product portfolio which now includes networking, security and videoconferencing.
Tandberg is the leading videoconferencing equipment maker, and its products complement Cisco’s high-end TelePresence conferencing products and its WebEx desktop video service, which it acquired in 2007.
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