Tandberg shareholders have rejected Cisco's $3B offer to buy the video conferencing company. It appears the shareholders are looking for a higher bid from Cisco or from another company as they strongly believe that the company can continue to operate and generate revenue as an independent company.
If the Cisco/Tandberg acqusition does not happen, I suppose Polycom could be another company Cisco looks into though Cisco is really interested in Tandberg because of the company's success in the SMB and mid-market space. (Cisco Telepresence products are better suited for large enterprises.)
Tandberg recently announed their Telepresence T1, designed for smaller companies and a target market for Cisco Telepresence.
As I have said multiple times, Video is a top initiative for John Chambers simply because Video is part of the $34B collaboration technology market that Cisco is going after.
Tandberg or Polycom? Some would say a coin toss, I lean towards Tandberg.