Elliott Management Supports Mitel-Polycom Deal - Quick Facts

(RTTNews) - Elliott Management Corp., which manages funds that hold an approximately 6.6% interest in Polycom Inc. (PLCM) common stock and an approximately 9.7% interest in Mitel Networks (MITL) common stock today announced its support for the Mitel-Polycom transaction.

"The combination of Mitel and Polycom makes perfect strategic and financial sense.....Financially, the combination will create a company with a strong balance sheet, meaningful synergies, and enormous cash flow generation that can be used to engage in value-generative M&A........Elliott strongly supports this transaction and looks forward to participating in the significant value creation for all shareholders ," said Jesse Cohn, senior portfolio manager at Elliott.

Earlier today, Mitel Networks said it has agreed to acquire Polycom in a cash and stock transaction valued at around $1.96 billion.

As per the definitive agreement, Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel common share on April 13. The transaction represented a 22 percent premium to Polycom shareholders based on Mitel's and Polycom's "unaffected" share prices as of April 5.