However, on Sunday (November 25) the company decided it was time to comment on the media repors themselves to clear out a few things.
According to the sources familiar with the negotiations, both Swiss-based Logitech and California-based Plantronics are eager to reduce manufacturing costs following the recent introduction of tariffs on imports from China to the US. 'However, those discussions were terminated.
The potential deal which was projected at over Dollars 2.2 billion would have been Logitech's biggest acquisition by far.
Logitech and Plantronics have been actively acquiring companies in the a year ago.
On the other hand, Plantronics, a nae synonymous with Bluetooth earpieces is going through a troubled times post its acquisition of Polycom for $2 billion past year.More news: General Motors to phase down operations in Oshawa
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Joe Burton, Chief Executive, Plantronics, was quoted stating that he is significantly optimistic about the future outlook of the company, and along with the focused business strategy and powerful leadership team, he has deep faith that Plantronics would undoubtedly usher noteworthy long-term gains for shareholders.
For the record, Plantronics held a market valuation of approximately $2 Bn as of the end of trading hours on last Friday.
The deal would have been by far Logitech's largest acquisition, amid a push to diversify its business beyond computer peripherals.
Plantronics' shares had dropped 1.55 percent in pre-market trading, almost wiping out a 1.58 percent gain on market close; Logitech's share price is up 4.67 percent on the announcement that the acquisition would not be going ahead. They design and manufacture unified communications systems, conferencing systems, and wireless headsets.
A sale of Plantronics would come on the heels of the company's $2 billion acquisition in July of US video-conferencing equipment maker Polycom Inc.
Plantronics started in the 1960s and has been building lightweight headsets for pilots. It was later known for selling the headsets to the NASA which includes the ones worn by Neil Armstrong during his first moonwalk in 1969.