Avaya Continues Mulling Next-Step OptionsAvaya Continues Mulling Next-Step Options
In a brief update, company said strategic alternative review process continues, gave no indication of new expectations for wrapping it up.
September 11, 2019
Industry watchers — eagerly waiting for news of an Avaya deal — might have to sit tight for a while. Today, the company issued a heads-up that it’s not quite ready to share where it stands with the strategic alternatives it began exploring earlier this year with the help of J.P. Morgan.
As discussed previously on No Jitter, including in last week’s post “Tick, Tock, the Clock Is Running for Avaya,” the company expected to have a decision to share by week’s end — or 30 days from its Aug. 13 third quarter earnings call. In today’s update, Avaya stated that its “review of a range of strategic alternatives is ongoing” and that it “remains in advanced discussions.”
What’s more, Avaya has removed any timeframe for a final decision, though it assured that the review team is “working expeditiously,” to evaluate options. “There can be no assurances regarding the timing of any action or transaction nor that the strategic review process will result in any particular outcome,” stated Avaya, noting, too, that it has no intention of providing updates “unless or until it determines that further disclosure is necessary.”
With the announcement, Avaya stock dropped 12% as of press time.
