Investors holding 24 percent of shares in the Norwegian videoconferencing firm Tandberg snubbed a $3 billion bid from Cisco Systems, the network equipment maker, hoping to get a higher price, the New York Times reports. Some analysts said Cisco had plenty of cash and could raise its bid to get the 90 percent shareholder approval it needs, but others said they believed it would play hardball given that no other bidders had emerged for Tandberg. The group of 21 shareholders in the company said in a statement that Cisco’s bid of 153.50 kroner per share ($27.61) was inadequate, although they did not suggest another price.
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