PLCM is cheap - but it's for a reason.
Polycom is trading for about $2.2B, has $565MM in cash, and no debt. The company generated $230MM in FCF last year ($40MM of which was working capital changes, though) and revenue growth was pretty substantial in the first quarter of this year. Profits dropped from the same quarter a year ago, and earnings and FCF are currently on track to be substantially lower this year.
From a business strategy perspective, however, it seems that PLCM's bread and butter, telepresence, is under pressure.