Cisco raises bid for Tandberg to $3.4 billion

NEW YORK — Cisco Systems Inc. said Monday it raised its bid for Norway’s Tandberg ASA after only a fraction of Tandberg shareholders agreed to Cisco’s initial offer.

Cisco increased its bid to 170 kroner ($30.46) per share from its earlier offer of 153.5 kroner, valuing Tandberg, the world’s largest provider of videoconferencing equipment for business users, at 19 billion kroner ($3.4 billion.) That’s up from a previous offer of $3 billion.