TMCnet News

United States : ShoreTel Board of Directors Unanimously Rejects Mitel s Unsolicited Proposal [TendersInfo (India)]
[October 29, 2014]

United States : ShoreTel Board of Directors Unanimously Rejects Mitel s Unsolicited Proposal [TendersInfo (India)]


(TendersInfo (India) Via Acquire Media NewsEdge) ShoreTel, the leading provider of brilliantly simple phone systems and unified communications solutions, today announced that its Board of Directors (the 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 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.

After careful evaluation, ShoreTel s Board of Directors has determined that Mitel s proposal significantly undervalues ShoreTel and fails to reflect the upside of ShoreTel s growth initiatives and technology developments, said Chuck Kissner, Chair of ShoreTel s Board of Directors. We believe Mitel s proposal is financially inadequate, is an opportunistic attempt to acquire ShoreTel s assets, and is not in the best interests of ShoreTel stockholders.


Don Joos, president and CEO of ShoreTel, added, ShoreTel is executing on a number of strategic initiatives to continue to accelerate growth and profitability, including our previously-announced strategic plan to introduce our next-generation common platform in April 2015. We are also making the necessary investments to achieve our strategic goals of growth, enhanced technology and world class customer service. We are confident that we have the right people, technology and products in place to execute our strategic plan and deliver significant value to our stockholders, and that the continued execution of this strategic plan will deliver substantially more value to ShoreTel stockholders than Mitel s inadequate proposal.

(c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info).

[ Back To TMCnet.com's Homepage ]