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Stock Market & Financial Investment News

News Breaks
November 29, 2012
18:09 EDTMITLMitel sees Q3 revenue $141M-$146M, consensus $142M
News For MITL From The Last 14 Days
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October 27, 2014
16:16 EDTMITLShoreTel board unanimously rejects Mitel unsolicited proposal
ShoreTel (SHOR) announced that its board, after careful consideration with the assistance of its independent financial and legal advisors, has unanimously decided to reject the unsolicited proposal from Mitel Networks Corporation (MITL) to acquire all outstanding common shares of ShoreTel at a price of $8.10 per share in cash. The ShoreTel board concluded that the proposal 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.
October 20, 2014
11:12 EDTMITLShoreTel confirms receipt of unsolicited proposal from Mitel
ShoreTel (SHOR) confirmed that it has received an unsolicited proposal from Mitel Networks Corporation (MITL) to acquire all of the outstanding shares of the Company for $8.10 per share in cash. Consistent with its fiduciary duties, ShoreTel's board of directors, in consultation with its financial and legal advisors, will carefully review and evaluate the Proposal and determine the course of action that it believes is in the best interest of the Company's stockholders. ShoreTel advises stockholders not to take any action at this time pending the review of the Proposal by the Company's board of directors.
09:22 EDTMITLOn The Fly: Pre-market Movers
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08:05 EDTMITLMitel proposes to acquire ShoreTel for $8.10 per share in cash
Mitel (MITL) disclosed that it has made a proposal to the ShoreTel (SHOR) board to acquire all of the outstanding shares of ShoreTel common stock for $8.10 per share in cash, representing a total equity value of approximately $540M. This offer represents a 24% premium to ShoreTel's closing stock price on October 17, and a 30% premium to ShoreTel's enterprise value. Richard McBee, president and CEO of Mitel stated, "The business communications market is rapidly consolidating and Mitel has clearly stated that we intend to be a consolidator in this market. We see a compelling opportunity to bring together two market innovators with strong and complementary market footprints, particularly in the U.S. where ShoreTel does more than 90% of its business, in a way that delivers significant value and opportunities to the shareholders, customers and employees of both companies. We are disappointed that the ShoreTel Board has rejected our proposal and refused to engage with us. Mitel continues to believe that the proposal offers ShoreTel shareholders an attractive premium. We remain open to constructive and progressive discussions and for that reason I have advised the ShoreTel Board that our proposal will remain open until 5pm EST on November 20."
08:03 EDTMITLMitel proposes to acquire ShoreTel for $8.10 per share in cash

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