Mitel Networks withdraws $574 mln bid for ShoreTel

Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has withdrawn its $574 million offer to acquire ShoreTel Inc (Nasdaq: SHOR), a U.S.-based business communications solutions provider.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.

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