Inter-Tel: Vector Capital offer likely superior to current deal with Mitel, Arsenal

By Lisa Kerner

Charlotte, N.C., May 16 - Inter-Tel, Inc. said Vector Capital Corp. proposed acquiring the company for $26.50 per share in cash under substantially the same terms and conditions as its May 9 letter that was withdrawn on May 10.

According to Inter-Tel's special committee, Vector's proposal is reasonably likely to lead to a superior proposal as defined in the company's April 26 agreement and plan of merger with Mitel Networks Corp. and Arsenal Acquisition Corp. Mitel and Arsenal are seeking to acquire 100% of Inter-Tel's capital stock for $25.60 per share in cash.

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

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