AVYA - Why Shares of Avaya Holdings Slumped Today
Shares of Avaya Holdings (NYSE: AVYA) dropped on Thursday after Bloomberg reported that the communications software company might abandon plans to sell itself in favor of a joint venture with RingCentral. Avaya issued a statement regarding its strategic review process Thursday, but it contained no details and did not deny the Bloomberg report. The stock was down about 12% at 12:35 p.m. EDT.
Avaya has been exploring strategic alternatives, and it's reportedly held talks with private equity firms. In August, rumors emerged that the small-cap company had received a takeover bid from privately held Mitel Networks.
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