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Polycom Announces Final 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 final 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 final count by Computershare Trust Company, N.A, the depositary for the tender offer, Polycom accepted for payment an aggregate of 27,446,794 shares of Polycom’s 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 total amount of shares purchased in the tender offer represents approximately 16% of Polycom’s issued and outstanding shares. As a result of the final outcome of the tender offer, Polycom has approximately 143 million shares outstanding and estimates that average weighted diluted share count for the quarter ending December 31, 2013 will be approximately 159 million shares.

“We are delighted with the successful completion of the tender process, including the ability to acquire additional shares as a result of the over subscription of our original offer,” stated Kevin Parker, Chairman and Interim Chief Executive Officer of Polycom. “The $285 million tender was the first phase of a broader $400 million Return of Capital program. We remain confident in the company’s business, our market position and the long-term growth potential of our industry. Polycom is committed to utilizing the remaining $115 million in share repurchase authorization prior to September 2014, which is expected to result in a 20% reduction in total share count under this current program."

The tender offer was oversubscribed and, pursuant to the terms of the tender offer, shares were accepted on a pro rata basis, except for tenders of odd lots, which were accepted in full, and except for certain conditional tenders automatically regarded as withdrawn pursuant to the terms of the tender offer. Polycom has been informed by the depositary that the proration factor for the tender offer, after giving effect to the priority for odd lots, was approximately 99.9%.

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