Plantronics Confirms No Ongoing Discussions with Logitech
(Source: Business Wire)
November 26, 2018 — Santa Cruz, CA
- Reuters: Logitech ends negotiations to acquire Plantronics
- TechCrunch: That Logitech and Plantronics deal is now dead
- ITWeb: Logitech ends negotiations to acquire Plantronics
Plantronics confirmed yesterday that the Company is no longer engaged in discussions with Logitech International S.A. (“Logitech”) regarding a potential combination. While it is Plantronics’ practice not to comment, in accordance with Swiss disclosure requirements, Logitech was required to disclose the status of the discussions following recent media reports.
Logitech approached Plantronics regarding a potential acquisition and, consistent with the Plantronics Board’s fiduciary duties, the Company entered into discussions with Logitech. Those discussions have ended. Plantronics will not comment further on this matter.
“Our combined organization of Plantronics and Polycom is working tirelessly to help our customers communicate, work, and play, wherever they are,” said Joe Burton, President and Chief Executive Officer, Plantronics, “Already the market leader in Unified Communications with the most comprehensive portfolio of communications and collaborations endpoints, our prospects are outstanding. We are working to reinvent the industry with valuable business insights available through unique software and analytics capabilities that span the entire portfolio of endpoints.”
Burton continued, “We have made great progress preparing the Company for the next phase of profitable growth, and we are very well positioned to successfully achieve our long-term strategic goals, as demonstrated by our strong second quarter 2019 results. We have seen very strong feedback from customers and partners, launched products across multiple categories in our first quarter post-close – including innovative analytics offerings that integrate deeply with our endpoints – and in September we increased both our long-term financial targets and our cost synergy targets related to our acquisition of Polycom. I have been and remain tremendously optimistic about the opportunity in front of us, and with our focused strategy and leadership team, I am confident that Plantronics will create significant long term value for shareholders.”