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Cisco faces fresh call to raise Tandberg bid

Fri Nov 6, 2009 5:51pm IST
 
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* Panta Capital, Scott represent small investor group

* Panta says fair price 170 NOK-plus

* Shares little changed, below 153.50 NOK offer price

By Quentin Webb

LONDON, Nov 6 (Reuters) - Advisers to a small band of shareholders in Norwegian video conferencing company Tandberg ASA (TAA.OL: Quote, Profile, Research) added their voices to calls for suitor Cisco Systems Inc (CSCO.O: Quote, Profile, Research) to up its $3 billion bid, ahead of a Monday offer deadline.

Cisco has made its offer for Tandberg -- its first attempt at a European public takeover -- conditional on 90 percent acceptance.

However, the network equipment maker has run into resistance from roughly 30 percent of Tandberg shareholders. Some previous Scandinavian takeover tussles, such as the purchase of Gambro in 2006, have resulted in higher offers being made.

Tandberg shares were little changed at 152.20 Norwegian crowns ($26.70), up 0.79 percent but below the 153.50 crowns offer price. The stock traded as high as 159.20 crowns in October, on hopes of a higher offer.  Continued...

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