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THE COMPANY
12 Months Ended
Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company THE COMPANY
 
Plantronics, Inc. (“Poly,” the “Company”) is a leading global communications company that designs, manufactures, and markets integrated communications and collaboration solutions for professionals. The Company has two operating and reportable segments, Products and Services, and offers its products under the poly-20220402_g2.jpg, Plantronics and Polycom brands.

Merger Agreement

On March 25, 2022, Poly entered into an Agreement and Plan of Merger (the “Merger Agreement”) with HP Inc. (“HP”) and Prism Subsidiary Corp. (“Merger Sub”), a wholly-owned subsidiary of HP, providing for Poly’s acquisition in an all-cash transaction by way of a merger of Merger Sub with and into Poly (the “Merger”), with Poly continuing as a wholly-owned subsidiary of HP.

The Merger Agreement and transactions contemplated by the Merger Agreement were approved by Poly's Board, which further resolved to recommend that Poly stockholders vote to adopt and approve the Merger Agreement. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of Poly’s common stock (except as otherwise set forth in the Merger Agreement) will be canceled and automatically converted into the right to receive $40.00 in cash, without interest and less any applicable withholding taxes.

Completion of the Merger is subject to the satisfaction of certain terms and conditions set forth in the Merger Agreement, including (i) adoption of the Merger Agreement by the requisite affirmative vote of our stockholders; (ii) the absence of any temporary restraining order, preliminary or permanent injunction or other judgment or order issued by a court of competent jurisdiction preventing, prohibiting or making illegal the consummation of the Merger; and (iii) the expiration or termination of the waiting period applicable to the Merger under the United States Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended without the imposition of a burdensome effect (as defined in the Merger Agreement), and the obtaining or making of all consents, approvals and filings required under the competition laws of China, Colombia, the European Union and Mexico and the foreign direct investment law of France, in each case without the imposition of a burdensome effect. The Merger is expected to close in calendar year 2022, subject to the satisfaction of applicable conditions. Upon consummation of the Merger, Poly’s common stock will no longer be listed on any public market.