The two companies were locked in talks all weekend in a deal which would have been Logitech’s largest acquisition.
Logitech has offered more than $2.2 billion to acquire Plantronics, one of the sources said. Plantronics had a market capitalisation of about $2 billion.
Joe Burton, president and chief executive officer, Plantronics said that his outfit was already the market leader in Unified Communications with the most comprehensive portfolio of communications and collaborations endpoints, our prospects are outstanding.
“We are working to reinvent the industry with valuable business insights available through unique software and analytics capabilities that span the entire portfolio of endpoints.”
Burton said: “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. We have seen strong feedback from customers and partners, launched products across multiple categories in our first quarter post-close – including innovative analytics offerings that integrate deeply with our endpoints – and in September we increased both our long-term financial targets and our cost targets related to our Polycom acquisition. 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."