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Polycom (PLCM) Stock Lower, to Be Acquired by Mitel Networks

NEW YORK (TheStreet) -- Shares of Polycom (PLCM - Get Report) are declining 0.65% to $12.19 on heavy trading volume on Friday afternoon after Mitel Networks Corp. (MITL) agreed to acquire the company in a $1.96 billion transaction.

Mitel agreed to pay $3.12 in cash and 1.31 Mitel common shares for each Polycom share. Based on the price of both stocks on April 5, the deal represents a 22% premium to Polycom shares.

The transaction is expected to close in the third quarter of this year and is subject to shareholder and regulatory approval.

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