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."
For more:
- ShoreTel has this press release
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