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Polycom Gets Potentially Sweeter Offer From Private Equity Firm

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(Reuters) – Video conferencing equipment maker Polycom said on Monday it received a revised proposal from a private equity firm that could be “superior” to Mitel Networks’s offer.

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

Under the revised proposal, Polycom stockholders would receive a cash dividend of $11 per share (PLCM) and the private equity firm would purchase $650 million in shares of a new convertible preferred stock of Polycom.