UPDATE 4-Cisco exploring options on Tandberg bid -- source

* Cisco could pull or raise bid, but no decision yet

* Tender offer could also be extended

* Cisco says offer for Tandberg fair

* Tandberg shares recoup losses, Cisco down 3 pct (Changes sourcing, dateline, bylines; adds details on Cisco's offer; updates share price)

By Anupreeta Das and Quentin Webb

NEW YORK/LONDON, Oct 30 (Reuters) - Cisco Systems Inc (CSCO.O: Quote, Profile, Research) is mulling options, including withdrawing or raising its $3 billion bid for Tandberg SA (TAA.OL: Quote, Profile, Research), a person familiar with the matter said, as the standoff between the networking gear maker and some Tandberg shareholders intensifies.

But Cisco is unlikely to make a final decision before its month-long tender offer for the shares of the Norwegian video conferencing company expires on Nov. 9, the source said on Friday.

Cisco, the world's biggest maker of routers and switches that direct computer traffic, offered to buy Tandberg earlier this month for 153.50 Norwegian Crowns a share.

Tandberg's board of directors has recommended the offer be accepted, but investors holding 24 percent of the shares have snubbed it, hoping they can force a higher offer.