Private Equity Calling With A $2 Billion Overbid

| About: Polycom, Inc. (PLCM)

Summary

Polycom hits the bid.

A hedge fund party crashed.

Kyrgyzstan wants a little something.

Welcome to the Is Mute On? issue of M&A Daily

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Polycom

Polycom (NASDAQ:PLCM) terminated its merger with Mitel (NASDAQ:MITL) and entered into a new merger agreement with Siris Capital. PLCM holders get $12.50 per share in cash. The merger with Siris will probably close in the third quarter of 2016.

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Y Charts

Airbnb

Airbnb (Private:AIRB) may bring litigation following this hedge fund gathering got carried away and the renter refused to pay the Hamptons estate's $27,000 rental fee. The original estimate of "50" guests was off by about 950 or so.

Thompson Creek

The Centerra (OTCPK:CAGDF) acquisition of Thompson Creek (OTCQX:TCPTF) is running into some regulatory issues in Kyrgyzstan. Kyrgyzstan regulators object to the fact that the deal would dilute the buyer's shareholders. Kyrgyzstan ranks as one of the more corrupt countries in the world according to Transparency International. In this case, something can probably be worked out.

EMC

Proxy advisor ISS recommended that EMC (EMC) holders vote for the acquisition by Dell.

Higher One

The Offer to Purchase and 14D-9 were filed for the Blackboard acquisition of Higher One (NYSE:ONE). The Tender offer expires on August 4.

Demandware

The tender offer expires today for the Salesforce.com (NYSE:CRM) acquisition of Demandware (NYSE:DWRE).

Fairchild

ON (NASDAQ:ON) extended the tender offer for Fairchild (NYSE:FCS) to July 21. The $0.37 arb spread offers a 26% IRR if the deal closes by August.

AVG

The definitive merger agreement was filed for the Avast acquisition of AVG (NYSE:AVG).

Hatteras

The Notice of Effectiveness of the S-4 has been filed for the Annaly (NYSE:NLY) acquisition of Hatteras (NYSE:HTS).

Lexmark

The Lexmark (NYSE:LXK) acquisition by Apex has been approved in Austria. The $3.81 arb spread offers a 25% IRR if the deal closes by December. More to come in future editions of M&A Daily

Elsewhere on Seeking Alpha

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Disclosure: I am/we are long PLCM, EMC, LXK, SKUL, HSY, HUM, MDLZ, WWAV, BRK.B.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. We invest with a margin of safety by buying securities at discounts to their intrinsic value and unlocking that value through corporate events. To maximize returns for our investors, we reserve the right to make investment decisions regarding any security without notification except where notification is required by law. We manage diversified portfolios with a multi-year time horizon. Positions disclosed in articles may vary in sizing, hedges, and place within the capital structure. Disclosed ideas are related to a specific price, value, and time. If any of these attributes change, then the position might change (and probably will).

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.