Logitech's interest in Plantronics has been short-lived, the company has confirmed.
Plantronics said Logitech approached Plantronics regarding a potential acquisition and, consistent with the Plantronics board's fiduciary duties, the company entered into discussions with Logitech.
The company, best known for making computer and mobile peripherals, has stated that while negotiations did start, there was no conclusion for the same and hence they broke down. $2.2bn is the firm's biggest offer to date, and would have acted as a way to keep the ever increasing import tariffs in the United States and China down, according to Reuters.
"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' 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. The company is readt to pay 2.2 billion dollars for the purchase of Plantronics. The company is headquartered in Lausanne, Switzerland, with offices in Newark, California. Plantronics is a well-known manufacturer in the field of sports wireless headphones and earbuds, and it still makes traditional Bluetooth earpieces. In July, Plantronics announced the $2 billion acquisition of US-based video conferencing equipment maker Polycom Inc.
For the uninitiated, Plantronics was founded in the year 1961, with its first goods being lightweight headsets for air company pilots.