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ShoreTel Rejects Mitel Again
ShoreTel's Board of Directors has rejected Mitel's latest acquisition offer, spurning the increased bid of $574 million that Mitel made public earlier this week.
Calling the Mitel offer not merely inadequate, but "highly inadequate," ShoreTel chairman Chuck Kissner said, "This revised proposal is again an opportunistic attempt to acquire ShoreTel," that "does not reflect the value inherent in ShoreTel's business, nor does it reflect ShoreTel's compelling prospects for long-term growth and value creation."
ShoreTel CEO Don Joos was also quoted in the company's statement today, and while Kissner called the Mitel offer "highly inadequate," Joos opted for "significantly inadequate" as his assessment of the exact nature of the proosal's inadequacy.
Like ShoreTel's rejection of Mitel's previous acquisition offer, this latest decision came by a unanimous vote of ShoreTel's board of directors.
We sought a reaction from Mitel to the ShoreTel board's rejection, and will update this post if and when we get a response from Mitel.