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Polycom Reports Preliminary Results Of Modified Dutch Auction Tender Offer

Stocks in this article: PLCM

Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today announced the preliminary results of its modified “Dutch Auction” self-tender offer for the purchase of up to $250 million in value of its common stock, which expired at 5:00 p.m., New York City time, on Wednesday, October 30, 2013.

Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 27,484,654 shares of Polycom’s common stock were properly tendered and not properly withdrawn at or below the final purchase price of $10.40 per share, including 15,051,916 shares that were tendered through notice of guaranteed delivery.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Polycom expects to accept for purchase 27,446,794 shares of its common stock at a purchase price of $10.40 per share, for an aggregate cost of approximately $285.4 million, excluding fees and expenses relating to the tender offer. The 27,446,794 shares expected to be purchased in the tender offer represent approximately 16 percent of Polycom’s currently issued and outstanding shares of common stock. Based on these preliminary numbers, Polycom anticipates that following settlement of the tender offer, it will have approximately 143 million shares outstanding. The total amount of shares expected to be purchased in the tender offer includes Polycom’s right to upsize the tender offer by up to 2 percent of its outstanding shares. The determination of the final number of shares to be purchased and the final price per share is subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn.

Due to the oversubscription of the tender offer, Polycom expects to accept for purchase approximately 99.9 percent of the shares properly tendered and not properly withdrawn at or below the purchase price of $10.40 per share by each tendering stockholder (other than “odd lot” holders whose shares will be purchased on a priority basis).

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