Cisco (CSCO)

Cisco Systems recent offer to purchase Norwegian videoconferencing firm Tandberg for 153.50 crowns per share has been rejected by a group holding 24% of the firm’s outstanding shares.
Amund Lunde, CEO of Oslo life insurance group Pensjonsforsikring and member of the group that turned down the bid said, "We think the price is too low." Cisco's offer values Tandberg at about 23 times next year's projected earnings, slightly above U.S. rival Polycom's multiple of 21.7.

Oct 15 · 10:47:00 AM
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by Michael Oliveto