Avaya leaning against sale, in venture talks with RingCentral, Bloomberg says

Avaya Holdings (AVYA) is in talks to form a joint venture with RingCentral (RNG) and is leaning towards abandoning plans for a full sale of the company, Bloomberg reported earlier, citing people familiar with the matter. Avaya has been exploring strategic alternatives and has held talks with private equity firms about a reverse merger, Bloomberg added, whiling noting it is still possible that the company's talks with RingCentral could fall apart. Shares of Avaya are down 11.5%, or $1.50, to $11.58 in early trading while RingCentral is up 5% to $130.35.