Apax in talks to buy Polycom for $3 bln - FT

* Apax in negotiations with Polycom since November - FT

* Polycom shares up 9 percent

March 17 (Reuters) - Private equity firm Apax Partners [APAX.UL] has been talking with Polycom Inc (PLCM.O) to take the U.S. video conferencing company private for more than $3 billion, the Financial Times said.

The news sent Polycom shares up 9 percent to $33.27, its highest since August 2007, Wednesday on Nasdaq.

Apax has been in negotiations with Polycom since November and has been working towards making a formal offer, expected to be at around $37 a share, before the end of this month, the paper said.

A deal could now prove unfeasible due to a surge in Polycom's shares since talks began, the paper cited people close to the situation as saying.

Polycom declined to comment. Apax did not immediately respond to a request for comment from Reuters.

Polycom's shares are up 56 percent since hitting a low of $21.17 on Nov. 30.

The video conferencing market has been at the center of rising consolidation. Networking giant Cisco Systems Inc (CSCO.O) plans to acquire Polycom's Norwegian rival, Tandberg TAA.OL. In December, Logitech (LOGN.VX) acquired privately held video conferencing firm LifeSize Communications for $405 million. (Reporting by S. John Tilak in Bangalore; Editing by Maju Samuel)