Inter-Tel meeting results certified; Mitel merger slated to close by Aug. 15

By Lisa Kerner

Charlotte, N.C., Aug. 8 - The merger of Mitel Networks Corp. with Inter-Tel (Delaware), Inc. was approved by Inter-Tel shareholders at a special meeting held on Aug. 2. The certified meeting results were released on Wednesday.

IVS Associates, Inc. certified that 16,932,752 shares were voted for the Mitel merger, or slightly over 62% of the 27,307,175 Inter-Tel shares outstanding.

Excluding the shares voted by Inter-Tel founder and former chief executive officer Steven G. Mihaylo and his affiliates, 76.6% of the shares outstanding and 91.3% of the total shares voted at the special meeting were voted in favor of the Mitel merger.

Stockholders who voted their shares, other than Mihaylo and his affiliates, approved the merger by roughly a ten to one margin, a company news release stated.

As part of the ongoing litigation in the Delaware Court of Chancery, Inter-Tel and Mitel agreed not to complete the merger until the court renders a decision on a motion for a preliminary injunction. The motion was heard on Aug. 8 but without a decision. At the court's request, the companies agreed in writing to the court to postpone the closing until no later than 10 a.m. ET on Aug. 15.

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

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