Cisco says 9.3 percent of Tandberg shares tendered

AP News
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Posted: Nov 10, 2009 11:36 AM

Cisco Systems Inc. said Tuesday that Tandberg SA stockholders have tendered only about 9.3 percent of the Norwegian company's shares.

Cisco needs 90 percent of the stock to complete its acquisition of Tandberg, the world's largest provider of videoconferencing equipment for business users.

The offer period was set to expire Monday but Cisco extended the deadline to Nov. 18. Stockholders representing roughly 10.5 million shares have accepted the bid, Cisco said.

Though Tandberg's board has given Cisco's $3 billion cash offer the OK, minority shareholders said last week that the bid is too low.

Cisco shares fell 32 cents, or 1.3 percent, to $23.67 in morning trading.

Tandberg shares were trading at 152.10 Norwegian kroner on the Oslo stock exchange. That's below Cisco's offer for 153.50 kroner, suggesting investors aren't expecting a sweetened bid.