Chambers was very telling in the earnings cc, where he confirmed that the offer for Tandberg was a firm offer - non-negotiable. My guess is that Cisco walks on Tandberg and PLCM gets a Cisco offer sooner rather than later, before HP jumps into the fray. Chambers won't wait for that to happen.
Listen to the replay. Here's another summary from Reuters below.

Nov 4 (Reuters) - Cisco Systems Inc CEO John Chambers:

# SAYS BELIEVES IT CAN CLOSE TANDBERG ASA DEAL

# CEO SAYS IT BELIEVES IT OFFERED A HEALTHY PREMIUM ON TANDBERG

# CEO SAYS PRICING OF M&A IMPORTANT, HAS WALKED AWAY FROM DEALS BEFORE

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