Polycom gets revised bid from private equity firm

Wed Jun 8, 2016 6:42am EDT
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June 8 (Reuters) - Video conferencing equipment maker Polycom Inc, which agreed to be acquired by Canada's Mitel Networks Corp, said it had received a revised offer from a private equity firm to take it private.

Polycom said on Wednesday in a filing that the private equity firm, identified only as "Sponsor 1", had given a new offer of $12.25 per share. (1.usa.gov/1svOlvk)

Sponsor 1 offer comprises $650 million of equity financing and $950 million of debt financing, Polycom said.

Sponsor 1's previous offer included a cash dividend of $11 per share and purchase of $650 million in shares of a new convertible preferred stock of Polycom.

Mitel agreed to buy the U.S. company in April for about $1.96 billion. (Reporting by Anya George Tharakan in Bengaluru; Editing by Kirti Pandey)