Management plans to buy out Plantronics Inc.,...

Management plans to buy out Plantronics Inc., a 27-year-old company that makes a variety of telephone headsets. The company said it will go private in the buyout worth $128.2 million, or $25 a share. The management group, led by Chief Executive Neil Hynes, has agreed to pay $21 in cash and $4 in new subordinated debentures in a new holding company. Thomas Stuart, the Santa Cruz-based company’s vice president and controller, said management was aware that Plantronics could become a takeover target. “Because the company was undervalued, we were vulnerable,” he said. “We wanted to reward the shareholders that have been patient with us.”