June 17, 2016 (Shareholders Foundation) - An investor who currently holds shares of Polycom Inc (NASDAQ:PLCM), filed a lawsuit in effort to halt the proposed takeover of Polycom Inc. by Mitel Networks Corporation.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PLCM stockholders by agreeing to sell Polycom Inc too cheaply via an unfair process to Mitel Networks Corporation.

On April 15, 2016, Mitel Networks Corporation and Polycom Inc (NASDAQ:PLCM) announced that they have entered into a merger agreement in which Mitel Networks Corporation will acquire all of the outstanding shares of Polycom Inc common stock in a cash and stock transaction valued at approximately $1.96 billion. Under the terms of the agreement, Polycom Inc stockholders will be entitled to $3.12 in cash and 1.31 Mitel Networks Corporation common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel Networks Corporation common share on April 13, 2016.

However, plaintiff claims that the proposed consideration NASDAQ:PLCM shareholders will receive is grossly inadequate and undervalues Polycom Inc. Indeed, at least one analyst has set the high target price for NASDAQ:PLCM shares at $15.00 per share. In addition, the plaintiff alleges that the process is also unfair to Polycom Inc stockholders.