Why Shares of Avaya Are Surging Higher Today
Shares of Avaya (NYSE: AVYA) traded up 11% on Tuesday after reports surfaced that the maker of cloud-based communications tools for businesses is mulling at least two competing buyout offers. Deal speculation has been circling Avaya for months now, but with the latest report, it appears that the talk is beginning to get serious.
Avaya, one of the world's largest providers of office telephone systems, has had a troubled history in recent years. The company is less than two years removed from exiting bankruptcy protection after its previous leveraged buyout, an $8.3 billion sale to TPG Capital and Silver Lake, ran into trouble in 2016.
There is reportedly an auction to buy Avaya. Image source: Getty Images.
Source Fool.com
