Updated from 5:26 a.m. EST

NEW YORK ( TheStreet) -- Cisco Systems ( CSCO) has raised its offer for video-conferencing company Tandberg of Norway to $3.41 billion.

Cisco raised its bid to 170 Norwegian kroner a share, for a total offer price of 19 billion kroner.

Cisco last month offered to buy Tandberg, the world's biggest maker provider of videoconferencing equipment for businesses, for $3 billion.

In a statement Monday, Cisco said the revised offer "represents Cisco's final price for this transaction." If it doesn't receive the desired level of 90% of acceptances from Tandberg shareholders for its bid, Cisco said it will "withdraw the offer and evaluate alternative ways to expand our activities in the video communications market."

Cisco said shareholders representing 30% of the outstanding shares, including Tandberg's largest shareholders Folketrygdfondet and OppenheimerFunds, have pre-accepted this offer based on the new price. These shares bring the total number of acceptances to more than 40%.

Cisco also said it has extended the acceptance period to Dec. 1, after extending it last week to Nov. 18.

Tandberg's board has given Cisco's offer its backing.

-- Reported by Joseph Woelfel in New York .

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