Nov. 10 (Bloomberg) -- Cisco Systems Inc. said it holds the right to buy about 9.4 percent of Tandberg ASA shares and voting rights, showing the uphill task it faces in taking over the world’s second-largest maker of videoconferencing systems.

Cisco said it can acquire 10.5 million shares in Tandberg, having won acceptance from investors holding 7.9 million shares, San Jose, California-Based Cisco said in a statement today. Cisco extended the deadline for its 153.5 kroner-a-share ($27.5) bid until Nov. 18 after some Tandberg investors said the offer was too low. Cisco has said it needs 90 percent of Tandberg to complete the deal.

“We regard it as highly unlikely that the bid will go through at the currently offered price,” said Anita Huun, an analyst at Svenska Handelsbanken AB in Oslo. She estimates Cisco would have to offer between 165 kroner and 175 kroner to win enough support. She has a “reduce” rating on Tandberg shares.

Cisco, the world’s largest maker of networking equipment, offered 17.2 billion kroner for Tandberg on Oct. 1 to add videoconferencing products. Two weeks later, the Swedish bank SEB Enskilda said it found stockholders together owning more than 24 percent of the shares who didn’t want to sell. OppenheimerFunds Inc., with 5.8 percent of Tandberg shares, and four other investors later said they rejected the offer.

Tandberg traded at 152 kroner in Oslo, up from 138.3 kroner on Sept. 30 before the offer was made. The Lysaker, Norway-based company has traded for an average of 153.9 kroner since then. Cisco fell 34 cents to $23.65 at 4 p.m. New York time on the Nasdaq Stock Market.

Telepresence Rooms

Cisco is keen to capture a larger share of a “collaboration” market that is worth about $34 billion according to Chief Executive Officer John Chambers. The company aimed to make its systems compatible with those of other vendors, executives said Oct. 1.

Both Tandberg and Cisco make high-end telepresence rooms, where participants interact with life-size, high-definition images of their counterparts. The systems cost as much as $300,000 and are sold as a substitute for executive travel. Tandberg also makes less-expensive systems that appeal to smaller companies.

Last month, Tandberg reported third-quarter operating income of $50 million on sales of $234.7 million. Rival Polycom Inc., the world’s largest maker of videoconferencing equipment, reported operating income of $23.40 million on sales of $243 million in the quarter.

To contact the reporters on this story: Marianne Stigset at mstigset@bloomberg.net; Ola Kinnander in Stockholm at okinnander@bloomberg.net

Last Updated: November 10, 2009 16:14 EST