Cisco short on Tandberg shares, extends deadline
I've covered many of Cisco's acquisitions over the last 7 years and I've never seen one like Tandberg.
Today Cisco revealed that they have 84 percent of the voting shares of Tandberg committed to the deal, which normally would be more than enough to complete any acquisition, in any other jurisdiction, anywhere in the World, but not Norway.
Apparently, Cisco needs to have 90 percent of the voting shares in order to close the deal.
At the time of $3.4 Billion bid, Cisco also extended the deal offer to December 1st, which if you check your calendar was yesterday.
The deal offer has now been extended (again) until December 3rd.