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Tandberg Shareholders Say Cisco Bid Is Low

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Nov 09 2009 9:03am EDT

Tandberg Shareholders Say Cisco Bid Is Low

Silicon Valley/San Jose Business Journal reports: Minority shareholders in Tandberg ASA said Friday that Cisco Systems Inc.'s $3 billion offer for the Norwegian videoconferencing company is about 11 percent too low.

Panta Capital and Scott Associates AG issued a public letter that said Cisco's offer doesn't compare with the value of its peers nor does it reflect Tandberg's operating performance.

Panta and Scott each hold about 1 percent of the shares in Tandberg. Another group that has said the bid is too low controls 24 percent of Tandberg's share and is represented by SEB Enskilda.

Cisco, which has until November 9 to win the approval of 90 percent of Tandberg's shareholders, has defended it's offer as fair and said it hasn't decided what will happen if it doesn't get the necessary votes.

Bloomber reported on October 30 that Cisco is ready to walk away from the deal rather than increase its bid.

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