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Polycom receives revised $12.25 per share takeover offer

Staff writer |
Video conferencing equipment maker Polycom, which agreed to be acquired by Canada’s Mitel Networks, said it had received a revised offer from a private equity firm to take it private.

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Polycom said that the private equity firm, identified as “Sponsor 1”, had given a new offer of $12.25 (U.S.) per share.

Sponsor 1 offer comprises $650-million of equity financing and $950-million of debt financing, Polycom said.

Sponsor 1’s previous offer included a cash dividend of $11 per share and purchase of $650-million in shares of a new convertible preferred stock of Polycom.

Mitel agreed to buy the U.S. company in April for about $1.96-billion.

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