Advisers to Tandberg ASA, a video conferencing firm in Norway, have voiced their demand that Cisco Systems, which is currently one of the suitors looking to acquire the company, should raise its bid to $3 Billion. The demand has come just before the bidding deadline of Monday.

Cisco, in the company's first attempt at a public European takeover, has made the offer to Tandberg conditional on 90% acceptance. The firm would have been aright with the bid, had it not run into resistance from nearly 30% of its shareholders. In anticipation of a higher bid, the price of company's shares surged by 0.79% per share to 152.20 Norwegian Crowns ($26.70). This is, however, still lower than the offer price of 153.50 Crowns.

Panta Capital, a London firm which advises on merger arbitrage, together with Scott & Associates AG based in Zurich, posted an open letter on the Panta website stating that Cisco's current offer does not represent "a real premium to market value", and demanded a raise.

Although the Chief Executive of Cisco, John Chambers, did say that he was optimistic about closing the transaction successfully, no acquisition was a "must have".