Cisco finds more dough for Tandberg

News

Cisco finds more dough for Tandberg

Alex Scroxton

Cisco has upped its bid for Norwegian video-conferencing hotshot Tandberg, revaluing the firm at $3.4bn after shareholders turned their noses up at its previous offer.

The networking giant had previously said it wanted 90% of Tandberg shareholders to okay its previous offer, but found that slightly over 90% of them thought the previous bid undervalued Tandberg.

A rummage in Cisco's pockets has come up with around $400m to raise the bid.

"If the offer or does not achieve the desired level of acceptances, the offer or will withdraw the new offer and evaluate alternative ways to expand Cisco's activities in the video communications market," the vendor warned in a statement.

Its latest offer has already been accepted by two of Tandberg's majority shareholders, funds Folketrygdfondet and Oppenheimer Funds -according to Reuters - and 40% of its investors are thought to be on board. The offer expires on 1 December.


Join the conversation Comment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.