BRIEF-Polycom receives revised proposal from private equity sponsor

Wed Jun 8, 2016 6:21am EDT
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June 8 (Reuters) - Polycom Inc :

* Received a revised, non-binding proposal from a private equity sponsor - SEC filing

* Under revised proposal, sponsor 1 would acquire Polycom for an all-cash offer of $12.25 per share in a take-private transaction

* Polycom's board reaffirms its recommendation that Polycom's stockholders vote in favor of proposed merger with Mitel

* Sponsor 1 indicated that revised proposal would be funded, in part, with $650 million of equity financing and $950 million of debt financing

* Revised proposal included letter from a potential lender indicating that potential lender was "highly confident" it could arrange debt financing

* Board will consider outcome of its discussions or negotiations with sponsor 1 to determine best course of action Source text: ( Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)