Tandberg Holders Reject Cisco Bid
Holders of about 24% of Tandberg shares don't intend on tendering their shares to Cisco's $3 billion bid for the videoconferencing firm.
OSLO, Norway (
) -- Holders of about 24% of
Tandberg
shares don't intend on tendering their shares to
Cisco's
(CSCO) - Get Cisco Systems, Inc. Report
$3 billion bid.
The shareholders, according to brokerage SEB Enskilda, will, however, consider a higher offer for the videoconferencing company,
Reuters
reports.
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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
earlier this month in a bid to broaden its revenue streams.
-- Reported by Joseph Woelfel in New York
.
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