Avaya Holdings (AVYA - Get Report) was rising Tuesday following a report that said the telecom equipment provider was preparing to run a sale auction following unsolicited interest from potential buyers.
Bloomberg reported that Avaya was working with an investment bank to run an auction after receiving inquiries from private-equity firms and other groups.
Potential bidders include private-equity firms Apollo Global Management, Permira Holdings and Searchlight Capital Partners, the people told Bloomberg. Bids are expected at the end of April and the firms may look to make joint offers, the people said.
An Avaya spokesman told Bloomberg the company didn't comment on rumors or speculation.
Reuters reported last month that Avaya was considering a leveraged buyout offer from a private-equity firm that would value it at more than $5 billion, including debt.
Shares of Avaya rose 2.7% in trading on Wednesday to $18.22.