Cisco Extends Tandberg Deadline Another Two Days
Cisco pushes back the deadline for deciding whether to push forward with its $3.4 billion bid for video conferencing rival Tandberg. Cisco officials say they will decide soon after the Dec. 3 deadline whether they have the necessary support from Tandberg shareholders to go forward. Cisco initially offered $3 billion for Tandberg, but was met by opposition from Tandberg investors, who sought more money for the company.Cisco Systems once again has extended its deadline to buy video conferencing rival Tandberg, pushing it back by two days to Dec. 3. In a brief statement Dec. 1, Cisco officials said that soon after the deadline passes, they will decide whether they have the necessary support of Tandberg investors holding at least 90 percent of the company's shares.
Cisco in October announced plans to buy the Norwegian company for $3 billion. However, opposition from investors who held as much as 30 percent of Tandberg's stock soon arose, with the shareholders arguing that the bid was too low and that they preferred to see the company stay independent unless a better offer from Cisco or another party was submitted.