BUZZ-Mavenir Systems Inc: To be bought by Mitel Networks for $560 mln

Mon Mar 2, 2015 10:36am EST
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** Networking software maker Mavenir Systems Inc's shares up 16.6 pct at $16.94; among top pct gainers on the NYSE

** Stock rises as much as 22 pct to a one-year high of $17.80

** Canadian telecom services provider Mitel Networks Corp's shares down 9.1 pct at C$11.55; U.S.-listed shares down 9.6 pct at $9.19

** Mitel Networks said it would buy mobile networking software maker Mavenir Systems for $560 mln

** Mavenir's stockholders to receive $11.08 and 0.675 Mitel share for every share they hold

** Up to Friday's close, Mavenir stock had fallen 7 pct in the past 12 months; Mitel's Canada-listed stock had risen nearly 22 pct and its U.S.-listed shares had risen 7 pct