NEW YORK (TheStreet) -- Shares of Polycom  (PLCM)  closed higher by 12.70% to $12.25 in Friday's trading session after accepting a $2 billion takeover offer from private equity firm Siris Capital Group rather than a previous bid from Mitel (MITL).

Mitel stock soared 19.77% to $7.21 today.

Siris will pay $12.50 per share in cash for the San Jose, CA-based video-conferencing company, which represents a 14% premium to Mitel's closing price on July 7.

Polycom in April agreed to be purchased by Mitel in a cash and stock deal valued at about $1.96 billion, but Siris countered a month later with a bid valuing the deal at $14.50 per share, Bloomberg reports.

Polycom expects the Siris transaction to close in the third quarter, pending the termination of its existing agreement with Mitel. Polycom will owe Mitel a $60 million termination fee.

About 82.87 million shares of Polycom were traded today vs. its average trading volume of roughly 1.07 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

Polycom's strengths such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity.

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.