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Video-conferencing provider PictureTel (PCTL) was up 15.3% in late morning after saying Wednesday it had received regulatory clearance for a merger with Polycom (PLCM) .

In a joint statement, the companies said the Department of Justice had closed its investigation of the proposed transaction, originally announced in May.

Under the terms of the deal, PictureTel shareholders would get $3.11 in cash and a fractional 0.1177 share of Polycom for each share they own, bringing the total to $6.01 per share, based on Polycom's closing price Wednesday of 24.70.

Shares of Polycom were down 1%.

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