Deals
Avaya to Get Bid From Rival Telecom Gear Vendor Mitel
- Offer could value combined business at more than $20 a share
- Suitor expects annual synergies of at least $250 million
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Avaya Holdings Corp. is considering a bid from rival Mitel Networks that could create a telecommunications equipment vendor worth more than $5 billion including debt, people with knowledge of the matter said. The shares surged.
Closely held Mitel submitted an offer for Avaya that it believes would value the combined business at more than $20 per share, according to the people. The companies have held on-and-off discussions about a potential deal since April, the people said, asking not to be identified because the matter is private.