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November 30, 2012
12:00 EDTMITLMitel rises 30.5%
Mitel is up 30.5%, or 78c, to $3.34
News For MITL From The Last 14 Days
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October 8, 2015
12:20 EDTMITLOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday, with the Dow a bit higher, the S&P little changed and the Nasdaq lagging. The averages began the session uniformly in negative territory, but began to pare their losses almost immediately, then spent the rest of the morning teetering near the flat line. The tepid action is not surprising as investors await the release of the minutes from last month's FOMC rate setting meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 263,000 in the week ended October 3, versus expectations for 273,00 first-time claims. Investor attention is clearly focused on this afternoon's release of the FOMC minutes for the September 16-17 policy meeting, given the Fed's surprise decision to delay liftoff at that time. The minutes are scheduled to be released at 2 pm EDT. In Asia, markets were mixed, with Japan, Hong Kong, Taiwan and India all seeing some profit taking following days of strong gains, though mainland China re-opened for the first time since last Wednesday following the Golden Week holiday and saw a catch-up rally that pushed the Shanghai composite up about 3%. COMPANY NEWS: EMC (EMC) rose over 5.5% in early trading amid conflicting reports regarding M&A talks between the IT services and software company and Dell, which is privately owned by founder Michael Dell and private-equity partner Silver Lake. Last night, The Wall Street Journal reported that Dell and Silver Lake are in "advanced talks" to buy EMC, noting that one source indicated the deal being discussed calls for the buyers to spin off EMC's VMware (VMW) unit. Then, Re/code's Arik Hesseldahl reported that EMC has approached Dell in recent weeks about selling its VNX data storage business to the private technology company, but contended that acquiring a unit would make more logical and financial sense for Dell than buying all of EMC. However, CNBC's David Faber subsequently said, in keeping with the Journal, that Dell is in talks to acquire all of EMC for "above $27 per share," adding that a deal could be announced as soon as a week from now. Several analysts weighing in on the potential for a deal expressed doubt that a takeover of EMC by Dell is likely, but agreed that some alternate deal may make sense, adding that a potential Dell-EMC tie-up would be negative for HP Enterprise (HPQ)... Shares of eBay (EBAY) were among the worst performing on the S&P 500, sliding almost 8% near noon. The weakness in the online marketplace operator followed a report from e-commerce solutions and data provider ChannelAdvisor (ECOM), which estimated that eBay's same-store sales growth decelerated to 1.1% in September from August's 3.4% rate. In the same blog post, ChannelAdvisor reported that Amazon's (AMZN) same-store sales grew 19.2% in September, noting that was a decrease compared to August's 24.7% SSS growth rate. MAJOR MOVERS: Among the notable gainers was Tronox (TROX), which jumped 18.5% after Bloomberg reported that Apollo Global (APO) was mulling a takeover of Chemours (CC) as a potential first step in then consolidating titanium-dioxide makers. Shares of Chemours gained 7.5% following the report. Also higher were Polycom (PLCM) and Mitel (MITL), which gained 15% and 17%, respectively, after Elliott Management disclosed stakes in both companies and urged the two to consider a combination. Among the noteworthy losers was BioCryst (BCRX), which dropped 21% after the company said it completed patient enrollment in its clinical trial of orally-administered avoralstat in patients with hereditary angioedema, noting that without a deferral an NDA filing would occur in 2018. That NDA timing estimate was further out than prior comments from the company. Also lower was GoPro (GPRO), which fell 5.7% after Cleveland Research downgraded the stock to Neutral from Buy and lowered estimates below consensus to reflect deterioration in action camera shipments. INDEXES: Near midday, the Dow was up 25.75, or 0.15%, to 16,938.04, the Nasdaq was down 30.53, or 0.64%, to 4,760.62, and the S&P 500 was barely changed at 1,995.32.
12:03 EDTMITLMitel: 'We welcome Elliott Associates interest and ongoing investment in Mitel'
Mitelissued the following statement in response to Elliott Associates' recent filings on schedule 13-D: "We welcome Elliott Associates' interest and ongoing investment in Mitel. We have reviewed Elliott's recent filings on schedule 13-D and share their views as to consolidation opportunities in our industry. Mitel's senior management has consistently discussed its intention to consolidate the market, and in recent years has proactively leveraged M&A activity to successfully deliver shareholder value. As always, we look forward to creating further value for all Mitel shareholders." As a matter of policy, Mitel does not comment on specific M&A discussions.
08:44 EDTMITLPolycom up 12% after activist Elliott calls for immediate strategic review
Shares of Mitel Networks (MITL) are also up 9% after Elliott Management said it is one of the largest stockholders in Mitel and has a "collaborative and productive dialogue" with the company. Elliott said it sees potential for a Polycom (PLCM) and Mitel combination to drive over 80% upside to Polycom share by the end of 2017. The investor also noted that it also owns stock in ShoreTel (SHOR).
08:35 EDTMITLActivist Elliott urges Polycom, Mitel, to consider combination
Elliott Management disclosed active stakes and accompanying 13-D filings in Polycom (PLCM) and Mitel Networks (MITL) and made public a letter sent to the board of Polycom. In the letter, Elliott states in part: Elliott Associates, L.P. and Elliott International, L.P. collectively own 6.6% of the outstanding common stock and equivalents of Polycom, making us one of your largest stockholders. In addition, we are today disclosing an active filing in Mitel Networks Corporation, in which we are one of the largest stockholders and with whom we have a collaborative and productive dialogue. Our equity investments in both Polycom and Mitel are approximately the same size at around $100M each. In addition, we also own stock in ShoreTel (SHOR)...Polycom, Mitel and other UCC vendors have been challenged to maintain market share and will continue to face a very difficult market...Maintaining the status quo strategy will perpetuate Polycom's track record of underperformance and risk further shareholder value erosion...Polycom must initiate a comprehensive review of all strategic options, and the time for that review is now...Elliott strongly believes a combination of mid-tier UCC vendors will create greater scale, significant synergies and a meaningful valuation uplift for stockholders. Elliott would be willing to provide financing for Polycom's acquisition of targets in the space, something we have successfully done before...We believe that Polycom is an excellent platform vehicle to roll up the UCC space: With significant cash flow, net cash and a capable management team and Board, Polycom can become an accretive M&A machine. Further, we believe the space is ripe for consolidation - small competitors with low valuations and duplicative cost structures create the opportunity."
08:32 EDTMITLElliott discloses stakes in Polycom, Mitel, urges companies to consider merger
September 30, 2015
08:08 EDTMITLBroadSoft can be a 'significantly larger' company, says Jefferies
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