Inter-Tel encourages stockholders to vote for Mitel merger; Mihaylo's plan withdrawn

By Lisa Kerner

Charlotte, N.C., July 30 - Inter-Tel (Delaware), Inc. once again urged its stockholders to vote for the merger with Mitel Networks Corp. using the white proxy card at the company's meeting on Aug. 2.

Under an April 26 agreement, Mitel will acquire Inter-Tel for $25.60 per share in cash, or a total purchase price of some $723 million.

As previously reported, Inter-Tel founder and former chief executive officer Steven G. Mihaylo withdrew his leveraged recapitalization strategy.

"We believe that the Mitel merger is the best alternative available for stockholders, particularly in light of recent developments in our business, the intensely competitive landscape and rapidly consolidating industry in which we operate, the current debt financing environment, and the absence of any higher offer to buy the company," Inter-Tel chairman Alexander L. Cappello said in a company news release.

"We believe that the withdrawal of Mr. Mihaylo's leveraged recapitalization strategy confirms what we have been saying all along, that the Mitel merger is the best transaction available to Inter-Tel stockholders."

Tempe, Ariz.-based Inter-Tel specializes in applications using networks and server-based communications software.

Mitel, based in Ottawa, provides unified communications solutions and services for business customers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.