The company emerged from Chapter 11 bankruptcy in December 2017, having completed its debt reconstruction plan, as iTWire reported.
The exit from Chapter 11, which Avaya moved into in January the same year, was effected at a time when it had about US$6 billion in debt which it planned to cut down to US$2.9 billion. The debt was a hangover from its previous leveraged buyout by private firms TPG Capital and Silver Lake who paid US$8.3 billion for the firm in 2007.
After it emerged from Chapter 11, Avaya acquired contact centre-as-a-service provider, Spoken Communications.
Another deal the company made was to supply contact centre technology and provide services to the Australian Department of Defence.
The current offer is for less than US$20 per share and with the price standing at US$13.21 at the end of trading on Friday, that would give a market capitalisation of US$1.5 billion. Avaya had US$3.2 billion in debt at the end of 2018.
Last month, the company's first quarter 2019 results showed a drop in revenue year-on-year, from US$752 million to US$738 million.
Avaya is a big provider of telephony systems. It was a part of Lucent Technologies and became a separate unit in 2000.
Contacted for comment, an Avaya spokesman said: "We do not comment on rumours or speculation."