Mitel Hangs Up $574M Offer To Acquire Rival ShoreTel

Law360, New York (November 17, 2014, 12:29 PM EST) -- Rebuffed twice, cloud-based telephone services provider Mitel has pulled its $574 million takeover attempt of rival ShoreTel Inc., saying Monday that California-based ShoreTel is unwilling to discuss a merger.

The withdrawal came less than one week after ShoreTel rejected a second Mitel acquisition bid, valued per share at $8.50 cash and stock, representing a 31 percent premium above ShoreTel’s stock price last month just before Canada-based Mitel’s first offer was made public.

“The decision to terminate the proposal early was made in light of the repeated...
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