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Actionable news in MITL: Mitel Networks Corporation,

Mitel Networks (MITL) Stock Plunges on Polycom Acquisition

NEW YORK (TheStreet) -- Mitel Networks Corp. (MITL - Get Report) stock is plummeting 10.66% to $7.04 on heavy trading volume on Friday morning after the Canadian enterprise and mobile communications company agreed to acquire Polycom (PLCM) in a $1.96 billion transaction.

Shares of Polycom, a San Jose, CA-based provider of voice, video and content sharing solutions, are down 2.36% to $11.98 this morning and are also trading on heavy volume.

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

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