Cisco extends its $3 billion offer for Tandberg; few have accepted offer
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SAN JOSE, CA. – Cisco (Nasdaq: CSCO) has extended its offer for videoconferencing firm Tandberg to Nov. 18.
As of Tuesday morning, fewer than 10 percent of Tandberg shareholders have accepted the offer, according to Reuters.
'This confirms what we have believed for a while ... the big majority wants to wait and see how this develops. There's no point in accepting, when you see that 20-30 percent of shares are not accepting,' analyst Tore Tonseth from Argo Securities told Reuters.
Cisco offered $3 billion for Tandberg on Oct. 2, and the Tandberg board of directors endorsed the offer.
However, some Tandberg shareholders have objected, demanding a higher offer.
“The terms and conditions set out in the offer document remain in place during the extended offer period,” Cisco said in a statement.
Cisco employs some 4,000 people at its campus in RTP.
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