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Polycom Ends Deal With Mitel, Agrees to Be Bought by Siris Capital
Purchase by private-equity firm expected to close in the third quarter, pending approval
Polycom Inc. agreed to be acquired by private-equity firm Siris Capital Group LLC and ended its previously announced deal with Canadian telecommunications company Mitel Networks Corp.
The two firms said Siris Capital is paying $12.50 per share for Polycom, valuing the company at about $2 billion, including debt. Polycom shares rose 13.1% to $12.30 in premarket trading. Mitel shares rose 22% to $7.32 in premarket trading. Mitel's share price was $7.88 before the attempted deal was announced.
Under the Mitel deal, which was announced in April, Polycom stockholders were slated to receive $3.12 in cash and 1.31 Mitel shares for each Polycom share. Based on Thursday's close, the deal values Polycom at $11 a share. When the deal was announced, it valued Polycom at $13.44 a share.
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