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Cisco raises bid for Tandberg to $3.4 billion85 days ago
(AP:NEW YORK) Cisco Systems Inc. said Monday it is raising its bid for Tandberg SA, the Norwegian videoconferencing equipment company.
After encountering shareholder resistance to its previous offer, Cisco said it will pay 170 Norwegian Kroner ($30.51) per share, up from its previous offer of 153.50 Norwegian Kroner ($27.51.) That hikes the total value of the deal to $3.4 billion from $3 billion.
The company also extended the deadline for shareholders to accept, to Dec. 1 from Nov. 18.
Cisco said that shareholders representing 40 percent of the stock have accepted the bid. Cisco needs 90 percent to complete the deal.
Tandberg shares jumped 4 percent to 163.90 Norwegian kroner on the Oslo stock exchange early Monday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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