Cisco finally set for Tandberg buy

Cisco has been trying to buy Tandberg for months

Networking giant Cisco has finally managed to gain control of enough shares in Tandberg to purchase the Norwegian videoconferencing firm outright.

The $3.4bn (£2bn) deal has been delayed several times as Tandberg shareholders held out for a better offer from Cisco.

In mid-November Cisco raised its offer to the shareholders from $3bn (£1.8bn) to $3.4bn (£2bn) and extended the deadline to 1 December.

This move went against a statement in early November when the firm's chief strategy officer, Ned Hooper, said that Cisco "strongly believes our offer is a very good price for Tandberg shareholders".

Earlier this week the networking giant said that it had the backing of 84 per cent of Tandberg shareholders, but still needed a further six per cent to pass the 90 per cent threshold needed to complete a takeover.

"As a result of additional acceptances registered today, Cisco hereby announces that approximately 99.8 million shares have been tendered, representing 89.1 per cent of the outstanding shares in Tandberg," the firm said in a statement.

"In addition, Cisco has, on 18 and 20 November 2009, purchased a total of 2,238,600 shares in Tandberg, corresponding to two per cent of the outstanding and issued shares.

"The shares tendered, combined with shares owned, currently represent approximately 102 million shares, or approximately 91.1 per cent of the shares and voting rights in Tandberg."