Polycom Approves New $2 Billion Merger Agreement with Siris Capital

On July 8, 2016, Polycom, a global leader that helps organizations achieve new levels of teamwork, efficiency, and productivity by unleashing the power of human collaboration, announced that its board of directors has approved the termination of the company's previously announced merger agreement with Mitel Networks. Upon Mitel's receipt of the requisite termination fee payable under Polycom's merger agreement with Mitel, Polycom will enter into a new merger agreement with Triangle Private Holdings I and Triangle Private Merger Sub, entities affiliated with Siris Capital Group. Under the terms of the new merger agreement, outstanding shares of common stock of Polycom will be exchanged for $12.50 per share in cash—or a total of approximately $2 billion—at the completion of the merger. Wilson Sonsini Goodrich & Rosati is representing Polycom in the transaction, which is expected to close in the third quarter of 2016, subject to customary closing conditions, including receipt of stockholder and regulatory approvals.

The WSGR team advising Polycom in the transaction includes:

M&A:
Mike Ringler
Derek Liu
Andrew Kirkpatrick
Jennifer Sayles

Corporate:
Melissa Hollatz
Erika Muhl

Tax:
Eileen Marshall

Employee Benefits and Compensation:
John Aguirre
Jackie Tokuda
Michael Klippert

Technology Transactions:
Suzanne Bell
Christopher Paniewski
Leah Duranti

Antitrust:
Scott Sher
Jamillia Ferris

Finance and Structured Finance:
Kathleen Rothman

For additional information, please see Polycom's press release.