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News Breaks
January 30, 2013
16:07 EDTSHORShoreTel reports Q2 adjusted EPS (4c), consensus (3c)
Reports Q2 revenue $74.6M, consensus $77.81M.
News For SHOR From The Last 14 Days
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October 8, 2015
08:44 EDTSHORPolycom 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 EDTSHORActivist 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."

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