Cisco raises Tandberg bid

Cisco said it would pay 170 crowns per Tandberg share, up from its previous 153.50 crowns offer, valuing the Norwegian company at near Norwegian crowns 19 billion ($3.41 billion).
The sweetened bid comes after more than 90 per cent of Tandberg shareholders snubbed Cisco’s initial offer.

The new offer is backed by Tandberg’s two largest shareholders, funds Folketrygdfondet and OppenheimerFunds, and has received acceptances from owners representing more than 40 per cent of Tandberg stock, Cisco said. It expires on December 1. “The new offer represents the ... final price for this transaction,” Cisco said in a statement.