Fri, Jul. 8, 7:41 AM
- Polycom (NASDAQ:PLCM) announces that it terminated the company’s previously announced merger agreement with Mitel Networks (NASDAQ:MITL) after receiving a new offer from Siris Capital Group.
- A termination fee will be paid to Mitel today.
- The Siris merger is expected to close in Q3.
- PLCM +13.615% premarket to $12.35. MITL +24.1% to $7.47.
- Source: Press Release
Fri, Jul. 8, 7:12 AM
- Siris Capital Group announces that its affiliates have submitted an offer to acquire Polycom (NASDAQ:PLCM) for $12.50 per share in a $2B all-cash transaction.
- The offer is subject to Polycom terminating its existing merger agreement with Mitel Networks Corporation (NASDAQ:MITL).
- Siris’ offer will remain in effect until no later than July 15.
- Shares of Mitel are under a trading halt.
- PLCM +8% premarket.
- Source: Press Release
Wed, Jun. 8, 7:40 AM
- Polycom (NASDAQ:PLCM) +2.4% premarket after disclosing that it received a revised offer from a P-E firm to take it private at $12.25/share.
- PLCM says the unidentified buyer's proposal comprises $650M of equity financing and $950M of debt financing.
- In April, PLCM had agreed to be acquired by Mitel Networks (NASDAQ:MITL) for $1.96B in cash and stock; based on yesterday’s close, the deal values PLCM at $12/share, but it valued the company at $13.44/share when the deal was first announced.
Mon, Apr. 18, 6:23 PM
- Polycom (NASDAQ:PLCM) says Betsy Atkins has resigned from the board to pursue other opportunities, including service on the board of Volvo.
- She's "highly supportive" of Polycom's recent agreement to be acquired by Mitel (NASDAQ:MITL), she says.
- Since the deal's announcement premarket Friday, Polycom moved up 8.8% before the regular session but actually closed down 2% that day, and fell another 1% today.
- Mitel, meanwhile, slid 9.6% Friday in the wake of the announcement, and fell another 0.7% today, and shares are down 1.3% after hours.
- Now read Mitel, Polycom: Don't Buy The Merger Yet »
Fri, Apr. 15, 6:37 AM
- Mitel Networks (NASDAQ:MITL) has agreed to buy Polycom (NASDAQ:PLCM), a provider of communications networks, software and other products, for approximately $1.96B.
- Under terms of the agreement, Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel shares for each PLCM common stock they own.
- The combined company will be headquartered in Ottawa, Canada, and will maintain Polycom's strong global brand while operating under the Mitel name.
- PLCM +8.8% premarket
Wed, Mar. 16, 8:16 AM
- Mitel Networks (NASDAQ:MITL) is in talks to merge with Polycom (NASDAQ:PLCM), in a deal that would combine the Canadian and American voice and telephony equipment providers.
- The talks remain fluid and the final structure is still being worked out, according to Reuters.
- Activist investor Elliott Management has been calling for the two firms to merge since October, when the hedge fund disclosed a 6.6% stake in Polycom and a 9.6% stake in Mitel.
Oct. 8, 2015, 9:46 AM
- Activist Elliott Management has disclosed a 4.4% stake in videroconferencing and unified communications (UC) hardware/software vendor Polycom (PLCM +10%), and a 6.3% stake in UC peer Mitel (MITL +17.1%). Each position was worth ~$100M going into today.
- In an open letter, Elliott declares the unified communications/collaboration space is overdue for consolidation, and calls on Polycom and Mitel to merge. "The combination would double the scale of Polycom to $2.5 billion in revenue. Between Mitels $164 million of EBITDA in 2014 and $100 $150+ million of synergies available, Polycom would quickly become a $500+ million EBITDA company following a combination with Mitel. Scale provides important competitive advantages in addition to the financial benefits of greater diversification, stability and access to capital markets."
- The firm also argues Polycom faces tough videoconferencing competition from Cisco, Avaya, LifeSize (Logitech), and others - "The smaller, newer players continue to take share with cheaper and simpler products while the larger, diversified vendors use their marketing power and bundling to squeeze out companies like Polycom." - and that Mitel's Canadian incorporation could yield tax benefits.
- Elliott: "Polycom's stock can increase by over 30% to $14.75 per share by the end of 2016 and nearly 85% to $20.50 per share by the end of 2017. The best part is that we assume the exact same multiple and absolutely no improvement in revenue trajectory ... the transaction is so compelling that Polycom could pay $10.00 per share for Mitel in an all-stock transaction and still yield a 70% return by the end of 2017 and a 95% return by the end of 2018."
- Also: Elliott notes it has a stake in another UC product provider, ShoreTel (SHOR +0.9%). Mitel made a failed attempt to acquire ShoreTel last year; Elliott argues a deal between the two still makes sense.
Jan. 30, 2013, 9:21 AM
Polycom (PLCM) is expanding its services reach by acquiring private Sentri for $10M. Sentri is experienced in integrating Polycom's videoconferencing solutions with Microsoft's widely-used Lync unified communications platform. News of the purchase comes on a day when Northland argues the strong Lync-related sales posted by Plantronics (PLT) in calendar Q4 - 43% Y/Y growth was mentioned in yesterday's earnings call - bodes well for Polycom. (PR)| Jan. 30, 2013, 9:21 AM
Oct. 23, 2012, 6:51 PM
Along with announcing a Q3 beat, Polycom (PLCM) discloses it has settled a lawsuit to enforce the $110M sale of its enterprise cordless phone business to P-E firm Sun Capital. Polycom will be paid $53M up-front (subject to some adjustments), and $57M over the next four years (subject to EBITDA milestones). The deal is expected to close by Dec. 15. Shares +3.7% AH.| Oct. 23, 2012, 6:51 PM
Aug. 22, 2012, 12:19 PM
Polycom (PLCM -4.2%) slumps after disclosing P-E firm Sun Capital Partners is trying to back out of a May deal to acquire Polycom's enterprise cordless phone business for $110M. Polycom says it will file a lawsuit to enforce the terms of the deal - the struggling videoconferencing hardware vendor has been planning to use a large chunk of the proceeds to finance stock buybacks.| Aug. 22, 2012, 12:19 PM