PE-backed Mitel seeks to acquire ShoreTel in $540 mln deal
Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has disclosed a proposal to acquire all of the outstanding shares of ShoreTel Inc (Nasdaq: SHOR) for around $540 million. ShoreTel, a Sunnyvale, California-based business communications solutions provider, has rejected the offer, Mitel said. Mitel president and CEO Richard McBee said his company's proposal will nonetheless remain open until November 20. Based in Ottawa, Mitel is a provider of business communications and collaboration software and services. It is backed by U.S. private equity firm Francisco Partners and other investors. Earlier this year, the company acquired Aastra Technologies Ltd for $400 million.
20 October 2014•6 mins read
