Tandberg Shareholders Reject $3B Cisco Offer

Law360, New York (October 15, 2009, 1:08 PM EDT) -- Shareholders in Tandberg ASA are seeking to top Cisco Systems Inc.'s $3 billion offer for the Norwegian videoconferencing company.

Through the Swedish brokerage SEB Enskilda AS, 21 shareholders who represent about 24 percent of the company's shares said they were open to higher offers from Cisco or other potential buyers, according to a statement the firm says it sent to Cisco on Wednesday.

“The shareholders do not intend to tender their shares at the current offer terms,” SEB said. “The shareholders are convinced that Tandberg will...
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