BUZZ-Polycom jumps on buyout offer from PE firm; Mitel deal scrapped

Fri Jul 8, 2016 8:27am EDT
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** Video conferencing equipment maker's shares up 13.5 pct at $12.34 premarket

** If stock opens at current level, it will post its biggest intraday percentage gain in nearly 9 months

** Company agrees to be bought by private equity firm Siris Capital Group for $1.7 bln, scraps deal with Canada's Mitel Networks Corp

** Siris offers $12.50 per share in cash, 15 pct premium to Polycom's Thursday close; Mitel said in April it would buy Polycom for about $1.96 bln in cash and stock

** Polycom will pay Mitel termination fee of $60 mln

** Mitel's U.S.-listed shares up 21.3 pct at $7.30 premarket

** Up to Thursday's close, Polycom's stock had fallen nearly 14 pct this year, while Mitel's U.S-listed shares had fallen about 22 pct