Logitech shelves $2.2bn deal to buy Plantronics
Negotiations between the two companies were first reported by Reuters this weekend, though now they have both confirmed that their discussions have ended.
Logitech did so in a statement in which it confirmed that it had been in talks about a potential deal while Plantronics’ CEO Joe Burton explained that it would deliver on its strategy as a stand-alone company, saying:
“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.”
Negotiations fall through
Logitech and Plantronics were aiming to conclude negotiations this week before the Swiss company decided to walk away from the potential deal on Sunday according to those close to the matter.
The company’s board ended negotiations over price disagreements despite the fact that Plantronics opened its books to Logitech following a $3bn offer.
If the deal had gone through, it would have been Logitech’s largest acquisition as the company looks to expand its business beyond computer accessories. Plantronics meanwhile completed its largest acquisition to date back in July when it purchased the US video-conferencing equipment maker Polycom Inc.