Reuters and others are reporting that Cisco today extended its offer period for shares of Tandberg, the Norwegian video-conferencing company, by two days, to December 3.
Cisco’s terms and conditions relating to the bid will remain unchanged, which means at least 90 percent of Tandberg’s shares must be tendered at the offer price of 170 Norwegian crowns per share.
In a statement, Cisco said the following:
“Soon after expiration of the extended offer period, Cisco will announce whether the 90 percent condition for the offer has been met.”
The consensus view is that Cisco is very close to having the required support from Tandberg shareholders, but that it needed a bit more time to solicit the share tenders that will put it over the top.