SAN FRANCISCO—Less than three months after announcing plans to merge into rival Mitel Corp., San Jose-based Polycom Inc. reversed course and announced on July 8 that it is instead getting acquired by the private equity firm Siris Capital Group for $2 billion. The deal serves as a useful reminder to in-house counsel that merger “breakups” happen and that M&A contracts need to anticipate the possibility of a new suitor.
Wilson Sonsini Goodrich & Rosati partner Michael Ringler advised Polycom on the aborted Mitel tie-up, as well as the new deal with Siris. While he declined to comment on the matter specifically, he did discuss the obligations of target-side companies in general when a new suitor, or “interloper,” shows up.
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