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Cisco is reportedly considering dropping its $3 billion bid for videoconferencing leader Tandberg in the face of resistance from a block of shareholders owning 24% of the Norwegian company.
According to Bloomberg.com, which cites as its source a "person familiar with the transaction," Cisco may nix the deal instead of upping its initial offer. The dissident shareholders are holding out for a higher offer, and Cisco needs 90% of them to be on board for it to go through.
Hottest technology M&A deals of 2009
If Cisco can't win over that 90% it may walk away, the Bloomberg report states. But it also quotes two sources in the story that doubt that Cisco would drop the deal.
Cisco made its offer to Tandberg on Oct. 1. Acquiring Tandberg would make Cisco the market leader in videoconferencing, a market it views as key to its future growth.
The resisting shareholders moved to block the transaction based on its current terms on Oct. 15.
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Comments (5)
pirates?By Anonymous on October 31, 2009, 12:37 amif I was cisco, i would drop this deal. these shareholders look more like pirates in somalia.
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Must required for Cisco By Anonymous on October 31, 2009, 12:52 amCisco needs this to update their product portfolio on the VC front.
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No ...By Anonymous on October 31, 2009, 1:46 pmperhaps the sellers think Tandberg's growth prospects are better as a standalone entity than what Cisco's offer incorporates. Its also reasonable for the sellers...
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it is more like being assimilated by the BorgBy Anonymous on October 31, 2009, 11:50 pmGood for Tandberg. Keep your independence. Resistance may not be futile.
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Many ways to look at it from outside the shell...By Anonymous on November 6, 2009, 11:48 amMany ways to look at it from outside the shell. Those wanting to up the deal may be die-hard Tandberg fanatics, where they fear that Cisco may just kill their baby.......
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