Polycom Stockholders Okay Acquisition By Siris Capital

(RTTNews) - Polycom Inc. (PLCM) announced that its stockholders approved acquisition of Polycom by affiliates of Siris Capital Group, LLC. The transaction is expected to be completed in September/October, 2016, subject to the receipt of certain regulatory approvals and the satisfaction of other customary closing conditions.

In July, 2016, Polycom announced its board has approved the termination of the company's previously announced merger agreement with Mitel Networks Corp. Polycom will pay Mitel the $60 million termination fee concurrently with termination. Upon Mitel's receipt of the termination fee, Polycom will enter into a new merger agreement with entities affiliated with Siris Capital Group, LLC. The all-cash transaction is valued at about $2.0 billion, including Polycom's outstanding debt.