NEW YORK (TheStreet) -- Polycom (PLCM) stock is gaining 2.42% to $12.25 in pre-market trading on Wednesday after the communications and networking company received a second acquisition bid from an unnamed private-equity firm.

The all-cash offer of $12.25 per share values the San Jose, CA-based company at $1.66 billion, below the offer from Canadian enterprise software provider Mitel Networks (MITL), according to Reuters.

In a regulatory filing, Polycom said it is still engaged in negotiations with the private-equity firm but a binding proposal from the talks is not certain.

Polycom's board continues to recommend Mitel's proposal, which is a cash and stock transaction valued at $1.96 billion. Mitel agreed to acquire Polycom in April and the deal is expected to close in the 2016 third quarter.

Shares of Mitel are unchanged at $6.78 in pre-market trading this morning. 

Separately, Polycom has a "buy" rating and a letter grade of B- at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins.

You can view the full analysis from the report here: PLCM

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.