Cisco close toTandberg deal

Cisco has pursued Tandberg for several months now

Cisco Systems has confirmed it needs control of just six per cent more outstanding Tandberg shares to complete its £3.4 bn acquisition of the videoconferencing company.

It currently has the backing of 84 per cent of shareholders in the Norwegian company, but must pass the 90 per cent threshold to complete a takeover.

The news follows the announcement from the networking giant yesterday that it had once again extended the deadline for shareholders to accept its offer.

"Cisco is extending the offer period for its voluntary public cash offer to acquire all outstanding shares in Tandberg. The extended offer period expires at 5:30 p.m. CET on Thursday, 3 December, 2009," read the statement.

"Soon after expiration of the extended offer period on Thursday, 3 December, at 5:30 p.m. CET, Cisco will announce whether the 90 per cent condition for the offer has been met."

The deadline extension represents the latest stage in Cisco's long running attempt at securing the deal with the Norwegian company over the last two months.

In mid-November it 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 the company's previous statement in early November when the firm's chief strategy officer Ned Hooper said, "We strongly believe our offer is a very good price for Tandberg shareholders."

The networking giant's continued extension of the deadline for Tandberg suggest it is keen to complete the deal and move into the collaboration market, a sector valued at around $34bn (£20bn) a year.