Cisco Systems (NASDAQ:CSCO)
will announce Dec. 3 whether enough Tandberg (OSL:TAA) shareholders have
accepted its offer, effectively enabling Cisco to acquire the video conferencing
giant.
Cisco says as of Dec. 1 it controlled about 84 percent of outstanding shares of
Tandberg, but the company had set a 90 percent condition for its offer to
acquire the company to be met.
If Cisco does not attain the 90 percent, the company says it will announce
whether it will withdraw the offer or waive the 90 percent condition. Cisco
says it will not extend the offer past Dec. 3.
Cisco initially announced on Sept. 30 plans to fortify its telepresence empire
by acquiring Tandberg.
After Tandberg shareholders rebuffed Cisco's original offer of about $3 billion
as too low, Cisco increased the offer in mid-November to total about $3.4 billion.
Since Cisco announced its plans to acquire Tandberg, Logitech has announced
that it will
acquire
upstart telepresence vendor LifeSize.
