UPDATE 5-Cisco ups Tandberg bid, expected to win approval

* Cisco raises offer 10 pct to NOK 170/share

* Says bid backed by owners of 40+ pct of Tandberg shares

* Analysts, investors see this bid succeeding

* Tandberg shares touch lifetime high, Cisco up 1 pct (Adds investor quotes, Tandberg comment, NEW YORK to dateline)

By Wojciech Moskwa and Ritsuko Ando

OSLO/NEW YORK, Nov 16 (Reuters) - Cisco Systems Inc (CSCO.O) raised its bid for Tandberg ASA (TAA.OL) 10 percent to 19 billion Norwegian crowns ($3.41 billion), a move widely expected to win over shareholders of the video conferencing company.

Cisco said on Monday its new bid of 170 crowns per share has the approval of holders of more than 40 percent of Tandberg shares, including the top two investors, OppenheimerFunds, which had opposed the original offer, and Folketrygdfondet.

That was a significant improvement from the less than 10 percent that accepted Cisco's initial 153.50 crown bid,

Analysts and investors expect the new bid, which the U.S. network equipment maker said would be its last, to win more shareholder support. Tandberg's board, which had already supported the original price, called the sweetened offer "outstanding."