Deals
Polycom Ends Mitel Pact, Accepts $2 Billion Siris Offer
- Private equity firm offers $12.50 a share, a 14% premium
- Mitel agreed in April to buy Polycom in $1.96 billion deal
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Polycom Inc. agreed to end its merger pact with Mitel Networks Corp. and accepted an offer from private equity firm Siris Capital Group valued at about $2 billion, opting for an all-cash bid that will allow it to remain somewhat independent.
Siris offered $12.50 a share in cash for the video-conferencing company, according to a statement Friday. Including Polycom’s outstanding debt, Siris’s offer represents a premium of 14 percent to Mitel’s bid, based on Mitel’s closing share price as of July 7, according to the statement. Shares in Polycom and Mitel surged.