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Polycom Receives Revised Offer From Second Potential Buyer
Polycom Inc., which had agreed to be bought out by Canadian telecommunications company Mitel Networks Corp. , on Monday disclosed a revised offer from a second buyer that could derail the nearly $2 billion Mitel deal.
Shares of Polycom, down 17% over the past 12 months, rose 4% to $11.56 in after-hours trading.
Under the terms of the revised offer, which Polycom said may constitute a "superior" or financially more favorable proposal for Polycom shareholders, the unidentified private-equity firm presented two plans: an $11-a-share cash dividend, or the choice to trade the dividend for a new convertible preferred stock; or a "take private" deal of $11.50-a-share in cash with a contingent of up to $3 a share.
In both cases, Polycom said, the cash dividend, existing debt and the $60 million termination fee to Mitel would be paid using proceeds from the sale of preferred stock, $870 million in new debt and available cash.
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