Inter-Tel investor files preliminary proxy to elect self, four others to board

By Lisa Kerner

Charlotte, N.C., April 2 - Inter-Tel (Delaware) Inc. investor Steven G. Mihaylo filed a preliminary proxy statement on March 30 listing resolutions for the company's 2007 annual meeting, according to a schedule 13D filing with the Securities and Exchange Commission.

Mihaylo is seeking election of himself and four addition nominees to Inter-Tel's board. He is also recommending that the board be reduced to seven members from 11 members.

The investor also wants the company to consider hiring a financial adviser to study the feasibility of a Dutch auction tender offer to repurchase between $200 million and $250 million of common stock.

Additional resolutions include disbanding the special committee of Inter-Tel's board and the sale of Inter-Tel's Irish subsidiary.

Mihaylo, the beneficial owner of 5,189,748 shares, or 19.4%, of Inter-Tel's outstanding stock, filed a similar schedule 13D with the SEC on March 6, giving advance notice of his intent to nominate himself and the following people for election as directors to the company's board: Anil K. Puri, Kenneth L. Urish, Neal I. Goldman and Michael R. Boyce.

Inter-Tel is a Tempe, Ariz.-based provider of converged voice and data business communications.

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