Newspaper article International New York Times

Mitel Networks to Buy Polycom for $1.8 Billion

Newspaper article International New York Times

Mitel Networks to Buy Polycom for $1.8 Billion

Article excerpt

The deal came six months after the activist hedge fund Elliott Management urged the two companies to combine.

Mitel Networks of Canada said on Friday that it had agreed to buy Polycom, a telecommunications and video conferencing equipment provider, for $1.8 billion in cash and stock.

The agreement came six months after the activist hedge fund Elliott Management disclosed that it had taken a 6.6 percent stake in Polycom and urged the two companies to consider a merger as part of a consolidation push in the telecom equipment sector. Elliott, a $27 billion hedge fund, owns 9.7 percent of Mitel and has a reputation for shaking up technology companies.

Under the terms of the deal, Polycom investors would receive $3.12 in cash and 1.31 Mitel shares for each share of Polycom they own. The deal would value Polycom at $13. …

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