Cisco to finalize Tandberg purchase by Christmas?

With all of these extensions to the deal deadline, Cisco might be looking under the Christmas tree to see whether they are the new owner of Tandberg or not. The deadline to close the deal was extended to today after it should have ended yesterday because Cisco only has 84 percent shareholder backing when it needs 90 percent to gain approval to buy Tandberg. So close to having the deal done, they are giving a little extra time to see it the other 6 percent will come around.

The networking equipment maker, Cisco Systems made an offer to buy the video equipment company Tandberg for $3 billion on Oct. 1, in hopes of bringing more smaller scale video technology in house, but the deal was not approved by all the parties involved. Tandberg's shareholders rejected Cisco's bid as too small, and as the deadline drew closer Cisco was only able to secure 9.37 percent of the shareholders' consent under the original bid. In an attempt to close the deal, Cisco suggested that they might walk away, but the majority of Tandberg's shareholders didn't budge on the threat. After that, Cisco came back to the table and offered to raise the bid to $3.4 billion. It looks like all but 6 percent are taking the bait.

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