Plantronics Inc (NYSE: PLT) fell Monday. Reuters reported on Friday that Logitech International SA (NASDAQ: LOGI) is in talks to acquire Plantronics for over $2.2 billion. However, Plantronics confirmed that it is no longer in talks with Logitech following acquisition approach by Logitech.
The Swiss-based Logitech confirmed Sunday it had been engaged in discussions with Plantronics regarding a potential transaction. However, those discussions were terminated. Logitech does not intend to comment further.
Plantronics, based in Santa Cruz, California, is an audio pioneer and a leader in the communications industry. Plantronics technology creates rich, natural, people-first audio and collaboration experiences so good ideas can be shared and heard—wherever, whenever and however they happen.
According to Plantronics CEO Joe Burton, "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."
Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video and computing.
Brands of Logitech include Logitech, Ultimate Ears, Jaybird, Blue Microphones, Logitech G and ASTRO Gaming.
Logitech shares were boosted 97 cents, or 3%, to $33.38, while those of Plantronics flopped $33.94, or 7.7%, to $47.00
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