Posted Oct. 30, 2009 at 10:32 a.m.
A Tandberg display
Report: Cisco may drop $3 billion bid for Tandberg
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A Tandberg display
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RESEARCH TRIANGLE PARK, N.C. - Cisco Systems (Nasdaq: CSCO) may drop its $3 billion bid for videoconference technology firm Tandberg ASA, Bloomberg news reported Friday.
Shareholders of some 24 percent of Tandberg are pressing Cisco for a higher price. Cisco needs 90 percent of Tandberg investors to support the deal in order to executive what Bloomberg called a “complete takeover.”
A source who refused to be named said that Cisco would “strongly consider walking away” from the deal if it can’t reach that 90 percent total. Cisco made the takeover offer on Oct. 1.
Click here for the Bloomberg report.
Cisco employs some 4,000 people in RTP.
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