SAN DIEGO, April 15, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Polycom, Inc. (NASDAQ: PLCM) breached their fiduciary duties in connection with the proposed sale of the Company to Mitel Networks Corporation (NASDAQ: MITL).
Polycom provides collaboration solutions for voice, video, and content sharing.
On April 15, 2016, Polycom announced it had signed a definitive merger agreement with Mitel. Under the terms of the agreement, Polycom stockholders will get $3.12 in cash and 1.31 Mitel shares for each of their shares, or $13.44 based on the closing price of a Mitel common share on April 14. Polycom shareholders will be subject to the future volatility and price fluctuation of the common stock of Mitel.
The investigation concerns whether the Polycom board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Polycom shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given the Company has a strong balance sheet with over $4.50 per share in cash.
If you are a shareholder of Polycom and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP