Polycom to discuss revised offer from private equity firm

Mon May 23, 2016 6:01pm EDT
 
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May 23 (Reuters) - Video conferencing equipment maker Polycom Inc said on Monday it received a revised proposal from a private equity firm that could be "superior" to Mitel Networks Corp's offer.

Polycom, which agreed to be bought by Canada's Mitel for about $1.96 billion in April, said it intends to engage in discussions with the private equity firm, idenfied as Sponsor 1.

Under the revised proposal, Polycom stockholders would receive a cash dividend of $11 per share and the private equity firm would purchase $650 million in shares of a new convertible preferred stock of Polycom. (Reporting by Kshitiz Goliya in Bengaluru; Editing by Maju Samuel)