$3.4 billion offer for videoconferencing company still on the table
Cisco has once again extended its deadline for videoconferencing leader Tandberg to accept its raised offer for the company. Cisco hiked the offer for Tandberg to $3.4 billion from $3 billion on Nov. 16 and gave the company’s shareholders until Dec. 1 to accept.
Dec. 1 came and almost went when Cisco gave the company two more days to mull it over, according to this report from colleague Stephen Lawson. The terms remain the same, however.
Cisco’s initial $3 billion offer on Oct. 1 was approved by the Tandberg board but a couple of blocks of shareholders representing about 30% of company ownership rejected the deal as too low. Cisco extended the initial deadline from Nov. 9 to Nov. 18 after less than 10% of the shares were tendered, and then raised its offer while extending the deadline again to Dec. 1.
Today’s modest extension does not include a sweetened offer though. Cisco needs 90% shareholder approval for the deal to go through.
More from Cisco Subnet:
Win great stuff from Cisco Subnet Like e-mail? Subscribe to the Cisco Alert newsletter.Cisco Subnet RSS feed
- Cisco rival Brocade for sale?
- HP blade counters Cisco security approach
- What’s next for Cisco after Tandberg deal?
- Manly Man IOS Features
- Cisco Releases IOS 15.0
- Cisco training and network design books up for grabs in October
Like RSS readers? Subscribe to the
Follow all Cisco Subnet bloggers on Twitter.Jim Duffy on TwitterFollow
