Cisco takes 84% stake in Norway's Tandberg

Oslo: Cisco Systems said it controls 84 per cent of Norway's Tandberg under a bid to create the global leader in videoconferencing equipment that expires today.

On Tuesday, Cisco extended the duration of the bid until today. Yesterday it said it would not extend the $3.4 billion (Dh12.4 billion) offer any further.

Cisco said it would announce whether it had gained the desired 90 per cent acceptance level shortly after the bid ends at 1630 GMT.

"If not, Cisco will determine whether to withdraw the offer or waive this (90 per cent) condition," it said.

Cisco has extended the offer three times and last month raised its value by 10 per cent to win over sceptical shareholders.

The original offer was rejected by more than 90 per cent of Tandberg shareholders.