OppenheimerFunds opposes Cisco's Tandberg offer
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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. — The large investment adviser OppenheimerFunds is opposing Cisco System's (NASDAQ: CSCO) offer for video-conference technology firm Tandberg ASA, the adviser said in a statement Wednesday.
Cisco offered $3 billion for Tandberg Oct. 1. Other stockholders already were holding out for a higher offer. Cisco, meanwhile, was reported to be ready to pass on the acquisition if it could not get 90 percent of Tandberg's shareholders to take its offer.
Reuters said that OppenheimerFunds, acting on behalf of funds and accounts holding 6,478,074 Tandberg shares – or 5.78 percent – deemed Cisco's offer price was too low. It will not tender shares at the current deal price, it said.
Tandberg has headquarters in Norway and New York.
Cisco employs about 4,000 people in the Triangle.
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