Some Tandberg Sharehodlers say Cisco's Bid is at Least 11% Too Low (CSCO)
Fri. November 06, 2009; Posted: 09:34 AM
Nov 06, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 11/6/2009 - Some Tandberg ASA shareholders said Friday that Cisco's (NASDAQ:CSCO) bid is at least 11% too low and should be raised if it wants to make a deal, according to a Wall Street Journal report. An open letter from Panta Capital and Scott Associates AG said that Cisco's current offer of 153.50 Norwegian kroner per share, or $27.05, does not reflect Tandberg's operational performance or the valuation of its peers. Panta Capital's managing director said that the bid should be raised to at least 170 kroner a share. Cisco press spokesman Tim Burt said that the price premium offered by his company is "full and fair," and they will review the acceptance level on November 9 as the bidding period expires before deciding whether to extend the period or walk away from the deal.
Write to Chip Brian at cbrian@tradethetrend.com
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