Cisco bumps Tandberg offer to $3.4B, extends deadline
Image 1 of 2 · Next Image…
Related Blog Posts
- Cisco extends its $3 billion offer for Tandberg; few have accepted offer
- Tandberg stockholders to Chambers: No deal at your price
- OppenheimerFunds opposes Cisco's Tandberg offer
On The Web
- Cisco statement
- Cisco
- Tandberg ASA
- Local Tech Wire at Twitter – sign up today for latest news alerts
Site Search
Get the latest news alerts: Follow LTW at Twitter
Local Tech Wire
SAN JOSE, Calif. — Cisco (NASDAQ: CSCO) early Monday raised its tender offer for shares in Norwegian video-conferencing gear-maker Tandberg to $3.4 billion and extended its own decision deadline to Dec. 1.
The new offer puts a Tandberg share price at 170 Norwegian kroners, or about $30.46. The overall offer adds $400 million to Cisco's previous offer.
Cisco wanted to have 90 percent of shares committed and had extended the deadline for the previous offer to Nov. 18.
In an announcement, the company said it had pre-acceptances from shareholders representing more than 30 percent of the company's equity holders on top of 9.37 percent who had agreed to the earlier offer. The new investors to sign on, including Tandberg's largest shareholders – Folketrygdfondet and OppenheimerFunds. OppenheimerFunds had opposed the previous offer.
Dow Jones reported that Panta Capital said it would accept Cisco.'s offer. Panta's managing director, Peter Germonpre, had signed a letter recently telling Cisco the previous bid did not value Tandberg properly.
"Cisco believes that this revised offer remains consistent with the principles of prudence and financial fairness. If Cisco does not achieve the desired level of acceptances, the company will withdraw the offer and evaluate alternative ways to expand our activities in the video communications market," the company said in its statement.
Featured
Hot Off The Wire
- Hot Off the Wire – Google slashes Nexus One termination fee; MySpace Music tunes up audio ads; Barry Diller’s IAC beats Street
- Hot Off the Wire – Man convicted in first economic espionage case; iPhone market share grows; Electronic Arts shares falter after revenue forecast; Phone company wants to charge Google
- FairPoint looks to cut debt by two thirds with bankruptcy plan
E-mail Preferences
The Skinny
- Gears of War 3 coming? EA discloses Epic game for 2011
- Nagoya University bridges East, West with Nu Tech event
- E-mail services provider iContact investigating a hack attack
- Cyberespionage? Cyberslueths disclose Lenovo’s 2010 ‘roadmap’
- Tech recovery is at hand, analysts tells N.C. IT execs
- Believe it - Triangle region lands record $1.9B in business projects
- Epic Games’ heroes take their guns to a new world – ‘Lost Planet 2’
- IPO rewards: Motricity CEO gets a $75,000 raise in new contract
- IT recession over? Spending will rebound, analysis firm says
- Google vs. the Dragon – War over words could ignite into flames