Mitel Networks Withdraws Revised Acquisition Proposal for ShoreTel
The U.S. telecommunications provider’s announcement comes just days after ShoreTel’s board of directors unanimously rejected Mitel’s revised proposal, calling the new financial terms “highly inadequate.”
Mitel suggested its decision to withdraw its acquisition proposal was mainly due to the Canadian business communications and collaboration software provider’s board of directors giving it the cold shoulder.
“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,” Mitel said in a statement.
ShoreTel issued the following statement regarding Mitel’s widthdrawal:
“ShoreTel is committed to delivering substantial and sustainable value to stockholders, and the company is positioned to achieve its strategic goals and continue to accelerate growth and profitability. We continue to execute our strategic initiatives, including driving growth, expanding ShoreTel’s technology and infrastructure capacity, and enhancing the company’s world-class reputation for customer service and satisfaction. We appreciate the focus and hard work of our employees and the loyalty of our customers and partners, and thank ShoreTel stockholders for their input and support throughout this process.”
ShoreTel’s board of directors last month unanimously rejected Mitel’s previous unsolicited proposal to acquire all outstanding common shares of ShoreTel at a price of $8.10 per share in cash.