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Mitel Networks Friday ended its $2-billion U.S. merger agreement with California-based Polycom after a New York private equity group, Siris Capital, made a similar-size offer.
Polycom’s directors opted for the Siris deal in large part because it was 100-per-cent cash and therefore less risky. The Mitel proposal involved about $500 million U.S. cash and $1.5 billion U.S. in Mitel shares.
Polycom will pay a $60 million U.S. termination fee.
Mitel CEO Rich McBee said the merger agreement with Polycom, announced back in April, “resulted from a detailed due diligence and negotiation process that we feel accurately determined fair value for Polycom. We feel it would not be in the best interest of Mitel shareholders to adjust the existing agreement.”
The loss of Polycom is a big setback for Mitel’s ambitions to become a significant global player in the world of telecommunications networking.
Had the deal with Polycom closed as scheduled later this year, it would have created a $2.5-billion-a-year multinational with 7,700 employees and significant operations across Europe, the U.S. and Asia.
Pre-merger, Mitel had revenues of $1.1 billion U.S. annually and supported a workforce of 4,500.
Mitel’s annual shareholders meeting will proceed as scheduled on July 29.
查看原文...
Polycom’s directors opted for the Siris deal in large part because it was 100-per-cent cash and therefore less risky. The Mitel proposal involved about $500 million U.S. cash and $1.5 billion U.S. in Mitel shares.
Polycom will pay a $60 million U.S. termination fee.
Mitel CEO Rich McBee said the merger agreement with Polycom, announced back in April, “resulted from a detailed due diligence and negotiation process that we feel accurately determined fair value for Polycom. We feel it would not be in the best interest of Mitel shareholders to adjust the existing agreement.”
The loss of Polycom is a big setback for Mitel’s ambitions to become a significant global player in the world of telecommunications networking.
Had the deal with Polycom closed as scheduled later this year, it would have created a $2.5-billion-a-year multinational with 7,700 employees and significant operations across Europe, the U.S. and Asia.
Pre-merger, Mitel had revenues of $1.1 billion U.S. annually and supported a workforce of 4,500.
Mitel’s annual shareholders meeting will proceed as scheduled on July 29.
查看原文...
