MITEL NETWORKS $10.54 (Toronto symbol MNW; TSINetwork Rating: Extra Risk)(613- 592-2122; www.mitel.ca; Shares outstanding: 120.2 million; Market cap: $1.3 billion; No dividends paid) recently jumped after activist investor Elliott Management disclosed stakes in Mitel and Polycom Inc. (symbol PLCM on Nasdaq).
Elliott is urging the companies to merge to increase their combined profits in a very competitive market. The firm now holds 6.6% of Polycom and 6.3% of Mitel.
Mitel develops products centred on business telephone systems. Polycom makes business communications systems that combine data, video and voice in one product. It also makes teleconferencing systems.
Whatever the outcome, the activist investor’s involvement should draw attention to Mitel’s strong growth prospects.
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