Cisco may drop Tandberg bid

Trading in shares of Tandberg ASA was halted for a while in Norway Friday after reports that Cisco Systems Inc. may drop its $3 billion bid to buy the videoconferencing equipment maker, reports the San Jose Business Journal

Bloomberg quoted an unnamed “person familiar with the transaction” who said Cisco (NASDAQ:CSCO) could walk away from its offer in the face of resistance from a bloc of Tandberg shareholders who own 24 percent of the Norwegian company. The group has said it wants a higher offer.

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