Cisco’s €2 billon takeover of video conferencing company Tandberg, is being thwarted by  shareholders who claim that the price is not high enough.

Cisco declared its intention  to acquire the company on October 2, announcing that the Tandberg board had accepted the offer.
 
Under Norwegian law, Cisco needs 90% of shareholders to back the deal following a one-month tender period which started on October 9.

Shareholders challenging the deal include the Oslo Pension Fund and Rasmussen Group who said on Thursday that they would not sell shares to Cisco under the current offer.

 “On behalf of 21 shareholders representing above 24% of the outstanding shares in Tandberg, SEB Enskilda has . . . communicated to Cisco that these shareholders do not intend to tender their shares at the current offer terms,” brokerage SEB Enskilda told the FT .

The shareholders claim that Tandberg will generate strong returns as an independent company, although they have indicated that they are open to a higher offer from Cisco or a third party.