Mitel Giving Up on ShoreTel AcquisitionMitel Giving Up on ShoreTel Acquisition
Mitel cited the ShoreTel board's repeated refusal to engage on its 2 offers over the past month.
November 17, 2014
Mitel cited the ShoreTel board's repeated refusal to engage on its 2 offers over the past month.
Mitel announced today that it is giving up on its attempt to acquire ShoreTel.
In a short press release, Mitel stated, "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."
The reference to an "early" termination of the proposal alludes to Mitel's original deadline of November 20 for its latest offer to remain on the table.
Mitel had offered $8.50 a share for all of ShoreTel's outstanding shares of stock, which would have meant a price of $574 million for ShoreTel. ShoreTel's board rejected that offer last week.
That offer represented an increase of 40 cents a share from an earlier Mitel offer of $8.10 a share or $540 million, which ShoreTel rejected late last month.
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