Cisco raises price to buy Norway's Tandberg

SAN FRANCISCO, Nov. 16 (Xinhua) -- Cisco Systems Inc. on Monday raised its cash offer for Norwegian videoconferencing company Tandberg ASA to about 3.4 billion U.S. dollars. Cisco announced that it is now offering to purchase all the outstanding shares of Tandberg for 170 Norwegian Kroner per share, which is said to be the networking giant's "final price" for the transaction. 

Accordingg to Cisco, the acceptance period is also extended to Dec. 1 this year. Cisco will "withdraw the offer and evaluate alternative ways to expand our activities in the video communications market" if it doesn't achieve the desired level of acceptances representing 90 percent shares, the company said in a statement. On Oct. 1, Cisco initially offered to buy Tandberg for 153.5 Norwegian Kroner per share or about 3 billion dollars in total. The deal was backed by Tandberg's board but has received opposition from some minority shareholders who said the offer price is too low. As a result of the revised offer, the transaction has already gathered acceptances representing more than 40 percent of Tandberg's outstanding shares, Cisco said. 

Tandbergg, a market share leader in the videoconferencing industry, has more than 1,500 employees worldwide with dual headquarters in Norway's Oslo and New York, the United States. Source: xinhuanet.com/