ShoreTel's board of directors has unanimously rejected Mitel's latest buyout bid because it "significantly undervalues ShoreTel and its strong prospects for continued growth and value creation," the carrier said in a press release.
Mitel had offered a revised bid of $8.50, tacking on 40 cents in Mitel common stock on top of an original offer of $8.10 per share.
"We continue to believe that Mitel's highly inadequate proposal does not reflect the value inherent in ShoreTel's business, nor does it reflect ShoreTel's compelling prospects for long-term growth and value creation," ShoreTel Chairman Chuck Kissner said in the press release.
ShoreTel is on track to deliver "improved financial performance and value creation," said President-CEO Don Joos. "We are confident that executing our strategic plan is the best path forward and will deliver substantially more value to ShoreTel stockholders than Mitel's significantly inadequate proposal."
- ShoreTel has this press release
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