TANDBERG Soon to Belong to Cisco

Cisco Systems Inc. (CSCO) stocks closed up on Friday on word it has snared the necessary TANDBERG shareholder commitments to buy the Norway-based company.

Cisco, the world’s largest networking gear manufacturer, has been pursuing TANDBERG, the No. 1 maker of videoconferencing equipment, for months. But investors balked at Cisco’s offers and were able to stall progress so much that Cisco nearly abandoned the proposed acquisition.

On Friday, Cisco said it had bought enough shares on the open market to raise its stake in TANDBERG above 91 percent, thereby sealing the deal. A day earlier, Cisco said stockholders representing just 89 percent of the shares had approved the $3.4 million bid for the company. Cisco originally bid $3 million for TANDBERG.

Cisco’s takeover isn’t guaranteed, though – the Justice Department is probing antitrust concerns.