Polycom Expects To Buy 27.4 Million Shares At $10.40/shr

(RTTNews) - Polycom, Inc. (PLCM), Thursday announced the preliminary results of its modified 'Dutch Auction' self-tender offer for the purchase of up to $250 million of its common shares, that expired yesterday. Based on a preliminary count by Computershare Trust Company, N.A ,the depositary for the tender offer, and pursuant to the tender offer terms, Polycom expects to accept for purchase about 27.4 million shares at a price of $10.40 per share. These shares represent about 16 percent of Polycom's currently issued and outstanding common shares.

The company anticipates having about 143 million shares, after the settlement of the tender offer. The determination of the final number of shares to be purchased and the final price per share is subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn.

Due to the oversubscription of the tender offer, Polycom expects to accept for purchase about 99.9 percent of the shares properly tendered and not properly withdrawn at or below the purchase price of $10.40 per share by each tendering stockholder.