Inter-Tel stockholders OK Mitel merger

By Lisa Kerner

Charlotte, N.C., Aug. 2 - Inter-Tel (Delaware), Inc. stockholders voted to approve the merger agreement with Mitel Networks Corp., according to preliminary results from Intern-Tel's special meeting held on Thursday.

"We are pleased that Inter-Tel stockholders agreed with us that the Mitel merger represents the greatest value currently available to Inter-Tel stockholders and is in their best interests," Inter-Tel chairman Alexander L. Cappello stated in a company news release. "We look forward to completing the merger shortly, and we anticipate a smooth integration of the two companies."

"By bringing together the unique strengths of each company, this transaction will accelerate our growth strategy," Mitel chief executive officer Don Smith added.

"Together, we believe that Mitel and Inter-Tel will possess the intellectual property, technology depth, breadth of portfolio, managed services, partnerships, and people to be a leader in the rapidly changing IP telephony landscape."

Mitel and Inter-Tel agreed not to complete the merger prior to Aug. 8 in connection with litigation in the Delaware court.

On April 26, Mitel agreed to acquire Inter-Tel for $25.60 per share, or a total purchase price of approximately $723 million.

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

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