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Cisco Draws Closer to Tandberg Takeover

SAN JOSE, Calif. ( TheStreet) -- Cisco (CSCO - Get Report) said 84% of Tandberg shareholders have tendered their shares to Cisco's $3.4 billion bid to acquire the Norwegian videoconferencing equipment company.

Cisco needs 90% of acceptances from Tandberg shareholders to complete the deal.

On Tuesday, Cisco extended the offer to Dec. 3, and on Wednesday said the bid wouldn't be extended. The company plans to announce on Thursday whether the 90% condition has been met. If the condition hasn't been met Cisco said it will "determine whether to withdraw the offer or waive this condition."

Last month, Cisco raised its offer for Tandberg, the world's biggest maker provider of videoconferencing equipment for businesses, to $3.41 billion (19 billion Norwegian kroner).

-- Reported by Joseph Woelfel in New York .

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