Siris Capital Group to acquire Polycom for $2 billion in cash
The offer is subject to Polycom terminating its existing merger agreement with Mitel Networks Corporation. Polycom has informed Siris that its board has unanimously determined Siris’ offer to constitute a “Company Superior Proposal” under the terms of its merger agreement with Mitel.
Polycom has also announced its intention to terminate promptly its merger agreement with Mitel, subject to the terms thereof. The all-cash transaction is valued at approximately $2.0 billion, including Polycom’s outstanding debt, which represents a premium of 13.6% to the current value of Mitel’s offer, based on Mitel’s closing share price as of July 7th, 2016.
Siris’ offer will remain in effect until no later than July 15, 2016. If the Polycom/Mitel Networks merger agreement is terminated in accordance with its terms, which Siris anticipates will occur today, Polycom would be permitted to accept Siris’s offer and enter into the binding definitive agreement contained in the offer.
Any transaction would be subject to regulatory approval, shareholder approval and other customary closing conditions.
Siris has secured committed financing consisting of a combination of equity and debt. Equity financing will be provided by Siris and its co-investors from available capital commitments, and the debt financing will be provided by Macquarie Capital. ■