Plantronics Shares Soar After Sale Talks
Audio equipment manufacturer, Plantronics, is reportedly exploring a potential sale, just a few months after its US$2 billion acquisition of video conferencing maker Polycom.
The news follows lower-than-expected Q2 earnings, with shares in Plantronics slipping 11%. Shares rebounded after sale talks broke, lifting 6.3% to US$62.89.
For the quarter ending September 30, Plantronics post GAAP net revenues of US$483 million.
According to an exclusive Reuters report, sources “familiar with the matter” claim discussions sparked after attracting takeover interest.
In July, Plantronics announced its purchase of Polycom, with the view of developing one of the market’s broadest portfolios of UCC endpoints.
At the time, Executive VP Polycom Product Management at Plantronics, Tarun Loomba, affirmed the company’s combined portfolio – including “headsets, software, desk phones, audio and video conferencing, analytics and services” – would now “work together from Day 1.”
“I don’t know anyone else that can say that – that they have that whole portfolio,” he remarked at the time.
Whilst there’s no certainty alleged discussions will result in a sale, commentators claim it could throttle plans to consolidate the broader industry.
Earlier this year, Plantronics Australia reported a whopping 216% jump in year-to-date growth – a feat claimed to cement its spot as Australia’s number one gaming headset maker.