Logitech International SA, a Swiss manufacturer of keyboards and webcams, has ended discussions to acquire Plantronics, a US maker of Bluetooth earpieces and gaming headsets, the companies said on Sunday.
The announcement came after Reuters reported on the negotiations between Logitech and Plantronics last Friday. The companies confirmed the talks on Sunday, but said they had now been terminated.
Plantronics added in its statement that Logitech approached it regarding a potential acquisition, and that it engaged in discussions in line with its fiduciary duties. It said it would deliver on its strategy as a stand-alone company.
"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 the statement.
Logitech and Plantronics were hoping to successfully conclude negotiations this week, but Logitech's board decided on Sunday to walk away from the potential deal, according to people familiar with the matter who requested anonymity to discuss the confidential discussions.
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