Tandberg shareholders lukewarm on Cisco bid

Only a small group of Tandberg shareholders have so far backed Cisco's bid to acquire the video-conferencing company

Less than 10 percent of Tandberg shareholders have accepted Cisco's cash offer for the company, according to a Cisco statement on Tuesday.

In October, Cisco offered $3bn (£1.8bn) in cash to acquire Tandberg, in a move designed to strengthen its position in video conferencing. However, some Tandberg shareholders have resisted the takeover, despite Tandberg management's backing for the Cisco offer.

In a statement, Cisco said it needs the backing of 90 percent of Tandberg shareholders. Cisco has already extended the deadline from 9 November to 18 November. Once that deadline has passed, Cisco said it will decide whether to extend or withdraw the offer.

For the full story, see Cisco finds Tandberg shareholders a tough crowd.