Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has withdrawn its $574 million offer to acquire ShoreTel Inc (Nasdaq: SHOR), a U.S.-based business communications solutions provider. Mitel said the decision was reached after the “repeated refusal of ShoreTel’s board of directors to engage in discussions of any kind regarding a potential transaction.” Reuters reported last week that ShoreTel saw the offer as undervaluing its business. The Ottawa-based Mitel, which is backed by Francisco Partners, Wesley Clover International Corp and other investors, disclosed it was trying to buy ShoreTel in October.
Mitel Withdraws ShoreTel Acquisition Proposal
OTTAWA, Nov. 17, 2014 (GLOBE NEWSWIRE) — Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in business communications, today announced that it has withdrawn its proposal to acquire all outstanding shares of ShoreTel (Nasdaq:SHOR) common stock. The decision to terminate the proposal early was made in light of the repeated refusal of ShoreTel’s Board of Directors to engage in discussions of any kind regarding a potential transaction.
Powering more than 2 billion connections every day, Mitel (Nasdaq:MITL) (TSX:MNW) helps businesses connect, collaborate and take care of their customers. That includes more than 33 million cloud connections daily, making Mitel the world’s fastest growing provider of cloud communications. Our business communications experts serve more than 60 million users with over 2500 channel partners in more than 100 countries. We have #1 market share in EMEA and have been identified by top industry analyst firms as a business communications leader. For more information, go to www.mitel.com and follow us on Twitter @Mitel
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