Cisco Systems, Inc. raised its bid for leading videoconferencing equipment provider Tandberg ASA to 170 kroner ($30.46) per share from its earlier offer of 153.5 kroner. The new offer, made after encountering shareholder resistance, values Tandberg at $3.4 billion—up from the first offer’s $3 billion.
In addition, Cisco extended the deadline for shareholders to accept from November 18 to December 1.
Cisco said that 40 percent of Tandberg’s shareholders backed the new offer, as opposed to the less than 10 percent for the previous one. Also, they said that Tandberg’s minority shareholders, Folketrygdfondet and OppenheimerFunds, have backed the new offer.
Tandberg’s shares rose four percent to 163.90 kroner on the Oslo stock exchange this morning.
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