Polycom Inc. (NASDAQ: PLCM) and Mitel Networks Corp. (NASDAQ: MITL) saw their shares take a small uptick in the face of their upcoming merger. The catalyst behind this uptick is an unsolicited offer for Polycom.

The company received a revised non-binding acquisition offer from a private equity firm, offering $12.25 per share in cash and valuing the transaction at $1.66 billion. However, the company reaffirmed its previous commitment to merge with Mitel Networks.

Under the previous agreement at Mitel, the company will be acquired for $3.12 per share in cash and 1.31 Mitel common shares for each unit of Polycom stock. At Tuesday’s closing price, this offer is worth $1.34 billion.

Mitel detailed in a release:

The transaction that was announced on April 15, which received the unanimous support of both Boards of Directors and commitments from large shareholders of both companies, offers superior and greater upside to both Polycom and Mitel. Polycom shareholders specifically will own approximately 60% of a $2.4B, highly profitable, low leverage, strong cash flow company with the scale and portfolio breadth to compete. The deal also offers certainty of committed financing in an uncertain and volatile debt market, and attractive synergy value. Mitel’s acquisition of Polycom continues to be the best path forward and best strategic choice to create shareholder value, driven by attractive financial and operational scale.

Shares of Polycom were trading up 2% at $12.20 on Wednesday, with a consensus analyst price target of $13.09 and a 52-week trading range of $8.79 to $14.09.

Mitel shares traded up 1.8% at $6.91, in a 52-week range of $5.91 to $9.61. The consensus price target is $12.75.

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