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Article: United States : OppenheimerFunds opposes Cisco offer for Tandberg.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Cisco Systems Inc's (CSCO.O) $3 billion takeover bid for Norwegian company Tandberg ASA (TAA.OL) is facing increased opposition, with investors owning as much as 30 percent of the video conferencing company's shares now demanding more money.
Investment adviser OppenheimerFunds, on behalf of funds and accounts owning a 5.78 percent stake in Tandberg, said on Wednesday that it will not agree to sell their 6.48 million shares to Cisco at the current offer price of 153.50 crowns per share.
OppenheimerFunds said it remains open to better offers from Cisco or other strategic partners.
Another investor group, represented by ...