Reuters just reported that TANDBERG’s major shareholders, representing 24% of the outstanding shares, have rejected Cisco’s $3 billion offer.

Cisco’s offer had been recommended by the TANDBERG board, but they need to acquire 90% of the stock in order by November 9th for their offer to be applied to all outstanding shares. With a quarter of the outstanding shares rejecting the deal sounds like Cisco will have to sweeten the offer or walk away. The current offer is only a premium of 11% over the public company’s Oslo Stock Exchange price before the deal was announced October 1, 2009.

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