"The shareholders are convinced that Tandberg will generate strong returns as an independent company, but are open to evaluate a higher offer from Cisco or a third party," SEB Enskilda said. The 21 shareholders include both international and Norwegian, and both long-term and new owners of Tandberg stock, it said.

A Cisco spokeswoman declined to comment on the announcement, citing a continuing tender process. The company reiterated that it believes it is paying a fair price for Tandberg.

Tandberg wasn't immediately available to comment.

Cisco agreed to buy Tandberg for around $3 billion, or 153.50 Norwegian kroner a share, on Oct. 1 . It said Tandberg's board recommended the all-cash tender to its shareholders, and that the offered price was 11% above Tandberg's closing price the previous day and 25% above a three-month average price for the stock.

Cisco has recently pushed into 30 new business areas, including video-conferencing systems, which it says could each produce $1 billion a year in revenue.

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