ShoreTel Rejects Mitel's Revised, Unsolicited Bid

(RTTNews) - ShoreTel, Inc. (SHOR) said Wednesday that its Board of Directors has unanimously decided to reject the revised, unsolicited proposal from Mitel Networks Corp. (MITL).

ShoreTel said its Board concluded that Mitel's revised, unsolicited proposal of $8.50, which is comprised of $8.10 per share in cash plus $0.40 per share in Mitel common stock, significantly undervalues ShoreTel and its strong prospects for continued growth and value creation as it continues to implement its long-term strategic plan, and is not in the best interests of ShoreTel stockholders.

On October 27, the ShoreTel Board had 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.