Avaya Inc. has entered into a definitive merger agreement with Silver Lake, a U.S. investment firm focused on large...
June 5, 2007
Avaya Inc. has entered into a definitive merger agreement with Silver Lake, a U.S. investment firm focused on large-scale investments in technology-driven growth industries, and TPG Capital, a private investment partnership, for approximately US$8.2 billion.
Under the terms of the agreement, Avaya shareholders will receive US$17.50 in cash for each share of Avaya common stock they hold, representing a premium of approximately 28% over Avaya’s closing share price of US$13.67 on May25, the last trading day prior to published reports regarding a potential transaction.
“After an extensive review of Avaya’s strategic alternatives with management and our financial advisors, the board of directors of Avaya determined that this transaction with Silver Lake and TPG provides the best value for (our) shareholders,” said Phil Odeen, non-executive chairman of Avaya’s board of directors.
The firms board is recommending that shareholders adopt the agreement.