Cisco Raises Bid for Tandberg

It seems I got ahead of myself last month when I wrote that Cisco was acquiring videoconferencing company Tandberg.

I should have said it wanted to buy the Norwegian company. Most of the company's shareholders, however, thought the offer of about $3 billion undervalued the company, reports CNET News.

Cisco has since raised that bid to 19 billion kroner ($3.4 billion), and reportedly has 40 percent of shareholders on board with the new offer.

Bloomberg quotes Oslo-based analyst Ole Joergen Roed of First Securities ASA who expects the deal to go through at the new price.