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Why Shares of Avaya Holdings Slumped Today

TheMotleyFool

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Why Shares of Avaya Holdings Slumped TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.theapi.app/temp/bee95973-d201-429b-849e-52867059bd1a.png

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.

Image source: Getty Images.

Source Fool.com

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