Shareholders accept offer: Cisco can finally buy Tandberg

Looks like Christmas came early this year for Cisco. Here I thought they would be extending the purchase deadline till the New Year, but in the eleventh hour it looks like they were able to get 89.1 percent of Tandberg shareholders to agree to their $3.4 billion buyout offer.

The computer networking company needs 90 percent shareholder approval for the deal to go through, but with its own 2 percent share of Tandberg, Cisco now controls over the required amount.

Cisco made an offer to buy the Norwegian video equipment company Tandberg for $3 billion on Oct. 1, but Tandberg's shareholders rejected Cisco's bid saying it wasn't high enough. Only 9.37 percent of the shareholders agreed to the original bid and Cisco threatened to walk away. When the majority of Tandberg's shareholders didn't budge on the threat, Cisco came back to the table and offered to raise the bid to $3.4 billion.

For more:
- read this article [1]

Follow the whole Tandberg/Cisco saga here:
Cisco to finalize Tandberg purchase by Christmas? [2]
Cisco ups the ante on TANDBERG to $3.4B [3]
Cisco-TANDBERG deal only has 9.37% shareholder acceptance [4]
Scare tactic or serious? Cisco may drop TANDBERG bid [5]
Cisco's TANDBERG purchase rejected by shareholders [6]
How will the Cisco/Tandberg purchase affect Polycom? [7]
Cisco buys TANDBERG for $3B [8]