Dallas, Texas 12/18/2013 (FINANCIALSTRENDS) – Polycom Inc (NASDAQ:PLCM) is a processing systems & products manufacturer which offers its customers “open, standards-based unified communications and collaboration” solutions. It has secured a market cap of $1.86 billion. It announced recently that it is seeking to repurchase $115 million worth common stock from the market as part of its accelerated share repurchase program. It has sought the services of JPMorgan Chase Bank, N.A. and Barclays PLC to help navigate through the repurchase program. With this latest announcement, Polycom Inc (NASDAQ:PLCM) share holders will see an end to the previously announced $400 million worth buyback program called “Return of Capital program”.
As part of the latest buyback program, close to eight million common shares are likely to be sucked out of the market by shelling out $115 million and the entire exercise is expected to end by June 30, 2014 and is expected to be funded by using cash on hand.
Related News – New CEO At The Helm
Readers should also know that Polycom Inc (NASDAQ:PLCM) has prior to this latest buyback offer, has bought back close to 27.4 million shares and has spent close to $285 million this year. On completion of the $400 repurchase program, close to 22 percent of the common stock would have been taken out of the market.
In more reorganization news at Polycom Inc (NASDAQ:PLCM), albeit of the human kind, it was announced by the company that it has decided to bring in X NCR Corp executive Peter Leav to lead the company as its new CEO and President. The current interim CEO Kevin Parker will continue to serve as the Chairman of the board. Readers should note that the CEO slot had been vacated by its incumbent Andrew Miller earlier in July on the allegations of his involvement in “irregularities related to expense submissions”