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Avaya Jumps Midday on Buyout Speculation

Investing.com - Shares of telecom equipment company Avaya soared midday following a report that it is mulling a leveraged buyout offer.

Avaya Holdings (NYSE:AVYA) jumped more than 35%, while the S&P 500 communication services index was flat.

The offer from a private equity firm would value the company at more than $20 per share, or $5 billion, Reuters reported Sunday, citing people familiar with the matter.

The stock was initiated with a buy rating at Guggenheim securities earlier this month.

Shares were down more than 40% over the last year before today’s spike.

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