Tandberg shareholders reject initial $3 billion bid from Cisco
Paul Milligan, November 11, 2009
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Over 90 per cent of Tandberg shareholders have rejected the $3 billion offer for the company by IT giant Cisco. The deal needs 90 per cent shareholder acceptance to be finalised and Cisco has extended the deadline of the deal from Nov 9 to Nov 18. Cisco has said if it does not win 90 per cent acceptance by the deadline it will evaluate whether to withdraw the offer.
Despite this hold-up the deal seems very likely to go through, with Cisco upping its offer the most likely outcome to woo the disaffected shareholders.
Cisco has offered 153.5 crowns a share, with financial analysts predicting the IT company could eventually end up paying 160-170 crowns a share.
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