April 15, 2016 / 1:22 PM / a year ago

BUZZ-Polycom, Mitel: Agree to $2 bln deal following Elliott pressure

1 Min Read

** Polycom's shares up 3.1 pct at $12.65 premarket; Mitel's U.S. listed shares down 5.2 pct at $7.47 premarket

** Mitel set to post biggest pct loss since Feb 25

** Canada's Mitel to buy Polycom for about $1.96 bln in cash, stock

** Deal, worth $13.44/shr as of Thursday, is a premium of 9.5 pct to Polycom's close

** Companies bow to pressure from activist investor Elliott Management, which pushed for merger

** Combined company to operate under Mitel name

** Up to Thursday's close, Mitel stock has risen 26 percent; Polycom's stock has fallen 43 percent in the last 12 months

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