SCENARIOS-Cisco's options, as Tandberg bid faces opposition

By Ritsuko Ando and Quentin Webb

NEW YORK/LONDON, Nov 6 (Reuters) - U.S. network equipment maker Cisco Systems Inc (CSCO.O: Quote, Profile, Research) faces a touch choice as the Monday deadline approaches for its $3 billion tender offer for Norwegian video conferencing company Tandberg ASA (TAA.OL: Quote, Profile, Research).

Investors holding about 30 percent of Tandberg's shares have demanded a higher price than the 153.50 crowns ($26.93) per share that Cisco offered, which presumably means that the U.S. company will not get the 90 percent shareholder approval that it would need to close the acquisition.

Click on [ID:nL3595357] for a Reuters poll of 14 analysts, of whom 12 believed the current offer would not win 90 percent approval.

Here are some possible scenarios for Cisco:

EXTEND OFFER AT CURRENT PRICE

The one-month tender offer expires Nov. 9 at 1730 CET (1630 GMT). Cisco could extend the deadline and continue to negotiate with shareholders for a maximum of 10 weeks, or until mid-December.

If Cisco extended without changing the terms, and Tandberg shares and the overall market fell, some investors might reconsider their resistance, analysts say. However, Most expect an extended offer would lead to a higher bid.

RAISE BID