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Polycom receives takeover offer

 

Bloomberg

Polycom Inc., the video-conferencing company that agreed last month to be bought by Canadian technology company Mitel Networks Corp., received a takeover offer on May 6 from a separate party, according to a
regulatory filing.
That party, identified as ‘Sponsor 1’in the filing, is Siris Capital Group, people with knowledge of the matter said. Siris didn’t immediately respond to a request for comment.
Polycom’s rejection of Siris’s offer doesn’t mean that Siris can’t come back with a revised or improved proposal, said the people familiar with the situation. Sponsor 1’s May 6 offer wasn’t its first. The firm has been in talks with Polycom since last year, according to the filing. In November, it sent a non-binding letter indicating its interest in a potential acquisition of Polycom for US$12 to US$15 a share in cash. In April, there was another offer, which Sponsor 1 valued at US$13.50 a share.
Sponsor 1 valued the revised May 6 bid at US$14.50 a share, according to the filing. Mitel said it determined the proposal wouldn’t lead to a superior offer. Polycom’s board reviewed the offer separately, rejected it and declined to engage further, according to the filing. Mitel agreed to buy Polycom for cash and stock in a deal valued at about US$1.96 billion, according to a statement April 15.

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