Swiss company Logitech International (NASDAQ: LOGI) has produced computer and mobile accessories such as keyboards, gaming headsets and mice for three decades. The company’s brands include Logitech, Ultimate Ears, Jaybird, Blue and ASTRO Gaming.
Over the weekend, news leaked that Logitech was reportedly considering a $2.2-billion acquisition of headphone maker Plantronics Inc. (NYSE: PLT).
Logitech confirmed Sunday that discussions with Plantronics regarding a potential transaction took place — and have since been terminated.
Why It’s Important
Logitech backed out of the talks just two days after they were first reported, according to Reuters.
“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,” Plantronics Chief Executive Joe Burton said in a statement, according to Reuters.
This proposed deal would have been Logitech’s biggest since its inception, occuring during a push for increased cost efficiency in response to tariffs on Chinese goods.
In an effort to expand the company’s horizons, Logitech acquired ASTRO Gaming last year for $85 million.
The negotiations were terminated over price disagreements, Reuters said.
Logitech shares were trading higher by 3.29 percent at $33.48 at the time of publication Monday.
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