Shareholder Opposition Hits Cisco Bid For Video Firm Tandberg

Advert for Norwegian video conferencing company Tandberg

Shareholders of Norwegian video conferencing company Tandberg are refusing to agree to Cisco’s proposed $3 billion takeover bid. FT.com and Dagensit.no report that despite the 153.5 Norwegian Krona (£17.32; $27.71) per share deal being recommended to investors by Tandberg’s board, a bloc of 21 shareholders representing 24 percent of the company is saying no, arguing that Tandberg is profitable already. They are, however, willing to listen to a higher offer from Cisco (NSDQ: CSCO) or someone else.

Under Norwegian law, Cisco needs 90 percent of shareholders to back the deal and the one-month tender period stared on October 9, so the clock is ticking. In its release announcing the deal (save for some “customary closing conditions”), the tech giant spoke of how Tandberg’s “network infrastructure solution will be integrated into Cisco

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