The Board of Directors of Polycom terminated a previously announced merger agreement with Mitel Networks Corporation, and instead approved a new merger agreement with Triangle Private Holdings I and Triangle Private Merger Sub, entities affiliated with Siris Capital Group.
Under the new deal with Siris, outstanding shares of common stock of Polycom will be exchanged for $12.50 per share in cash at the completion of the merger.
On July 7, 2016, Mitel Networks Corporation waived its right to renegotiate its merger agreement with Polycom after receipt of notice of the Polycom board’s determination that Siris was offering a superior deal. Polycom will pay a merger termination fee to Mitel.
Mitel to Acquire Polycom for Nearly $2 Billion
Mitel agreed to acquire all of the outstanding shares of Polycom common stock in a cash and stock transaction valued at approximately $1.96 billion, including $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel common share on April 13, 2016 — a 22% premium to Polycom shareholders based on Mitel’s and Polycom’s recent share prices. The deal combines Mitel’s leadership…
