Tandberg shareholders snub takeover

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Tandberg shareholders snub takeover

Alex Scroxton

Cisco's whirlwind romance with Tandberg's shareholders in its $3bn acquisition of the Norwegian video hotshot is not going entirely to plan, the vendor has revealed.

"Cisco has received acceptances representing 7,919,338shares in Tandberg. Following receipt of these acceptances, Cisco holds rights to acquire 10,493,298 shares ... representing 9.37% of the shares and voting rights in Tandberg," it said in a statement.

Last week, MicroScope reported a group of investors thought to represent 24% of Tandberg's total share capital were publicly holding out,penning an open letter to Cisco in which they called for the vendor to raise its bid.

It now appears there are many more doubters than previously thought.

John Chambers has previously said he would walk away from any acquisition if the price wasn't right for Cisco, although he diplomatically did not mention Tandberg in a nod to his new friendship with boss Fredrik Halvorsen.

The networking giant, which is desperate to capitalise on the growing market for Internet video and collaboration, extended the offer period until 18 November on Monday, giving it until next Wednesday to secure the 90% support it wants.


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