Tandberg Holders Reject Cisco Bid

OSLO, Norway (

TheStreet

) -- Holders of about 24% of

Tandberg

shares don't intend on tendering their shares to

Cisco's

(CSCO) - Get Report

$3 billion bid.

The shareholders, according to brokerage SEB Enskilda, will, however, consider a higher offer for the videoconferencing company,

Reuters

reports.

Tandberg shareholders are convinced the company will generate "strong returns as an independent company," though they are open to evaluating a higher offer from Cisco or a third party,

Reuters

reports.

Cisco

offered to buy Tandberg

earlier this month in a bid to broaden its revenue streams.

-- Reported by Joseph Woelfel in New York

.

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