PE-backed Mitel ups bid to acquire ShoreTel to $574 mln

Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has increased its bid to acquire ShoreTel Inc (Nasdaq: SHOR) to around $547 million. The previous offer, announced last month, was priced at around $540 million. ShoreTel, a Sunnyvale, California-based business communications solutions provider, rejected the earlier proposal. Mitel president and CEO Richard McBee said the merger has the potential "to add sustained value to both organizations, and to solidify our combined leadership position in a highly competitive and rapidly consolidating market." The Ottawa-based Mitel is backed by Francisco Partners, Wesley Clover International Corp and other investors.

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