NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that hold an approximately 6.6% interest in Polycom, Inc. (“Polycom”) (NASDAQ: PLCM) common stock and an approximately 9.7% interest in Mitel Networks (“Mitel”) (NASDAQ: MITL) common stock today announced its support for the Mitel-Polycom transaction:
“The combination of Mitel and Polycom makes perfect strategic and financial sense,” said Jesse Cohn, senior portfolio manager at Elliott. “The combined business will have far greater scale than either company alone, the ability to deliver a full array of products to customers, and the means to invest behind product areas that will provide stability and growth for the future. Financially, the combination will create a company with a strong balance sheet, meaningful synergies, and enormous cash flow generation that can be used to engage in value-generative M&A. Polycom’s Board and CEO Peter Leav have displayed an outstanding commitment to delivering shareholder value, and Mitel CEO Rich McBee and CFO Steve Spooner have a proven track record of integrating acquisitions successfully and performing on synergy plans. Elliott strongly supports this transaction and looks forward to participating in the significant value creation for all shareholders.”
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About Elliott Management Corporation
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $27 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.