UPDATE 1-Tandberg shares suspended pending statement - News

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UPDATE 1-Tandberg shares suspended pending statement

By: AFX | 16 Nov 2009 | 04:12 AM ET

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OSLO, Nov 16 (Reuters) - The Oslo bourse suspended trade in Tandberg shares pending a statement, with all eyes on Cisco System's bid for the Norwegian maker of video conferencing equipment, which has received scant support. Tandberg and U.S. network equipment maker Cisco were not immediately available for comment. The Oslo bourse said it expected a statement regarding Tandberg to be published "relatively shortly". It is not clear if the statement will regard Cisco's takeover offer. Cisco's $3 billion bid for Tandberg runs out on Wednesday. Over 90 percent of shareholders in Tandberg snubbed an initial acquisition bid by Cisco, with many expecting a sweetened offer. Cisco extended its offer to Nov. 18 without changing its terms. Groups representing a total of around 30 percent of Tandberg shareholders have publicly demanded a higher offer than Cisco's price of 153.5 crowns a share. Cisco needs 90 percent approval to close the deal, which analysts say would create a strong leader in video communications. Analysts said Cisco could ultimately offer around 160 to 170 crowns. Tandberg shares closed at 157.60 crowns on Friday. The trading halt came before the market opened on Monday. (Reporting by Oslo newsroom, editing by Will Waterman) Keywords: TANDBERG CISCO/ (wojciech.moskwa@reuters.com; +47 22 93 69 62; Reuters messaging: wojciech.moskwa.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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