Polycom accepts USD 2 bln bid from Siris

News General Global 8 JUL 2016
Polycom accepts USD 2 bln bid from Siris

Polycom said it has terminated its previously announced USD 1.96 billion merger agreement with Canada’s Mitel Networks and accepted one from Siris, for USD 12.50 per share in cash, or a total of USD 2 billion, including debt. A report had earlier noted the company received a higher offer from an unidentified private equity firm.

Polycom will pay Mitel the USD 60 million termination fee and then enter into a new merger agreement with Siris, previously described as “Sponsor 1” in Polycom’s filings with the US Securities and Exchange Commission. The Siris merger is subject to customary closing conditions, including receipt of stockholder and regulatory approvals, and is expected to close in the third quarter of 2016.

Polycom told Siris that its board of directors has unanimously determined the Siris offer as ‘Company Superior Proposal’.

Categories:

General

Companies:

Mitel,  Polycom

Regions:

Global

Tags:

Corporate strategy, M&A buyouts & divestments

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