Polycom bins Mitel for Siris
Polycom's planned $1.96bn sale to Mitel has been scrapped as the company plans a new merger agreement with Siris Capital.
Following Elliott Management taking a stake in both businesses, the unified comms business announced plans to merge with Mitel three months ago. It will now pay Mitel a termination fee of $60m.
The Siris deal will conclude for roughly $1.7bn. Following the announcement, both Polycom and Mitel's shares rose in pre-market trading on Friday, by 13 and 22 per cent respectively. ®