Sunnyvale, CA– November 10, 2014 – ShoreTel® (NASDAQ: SHOR) (the “Company”), the leading provider of brilliantly simple phone systems and unified communications solutions, today confirmed that it has received a revised, unsolicited proposal from Mitel Networks Corporation (NASDAQ: MITL) (“Mitel”) to acquire all outstanding common shares of ShoreTel for $8.50 per share, consisting of $8.10 per share in cash plus $0.40 per share in Mitel common stock.
Consistent with its fiduciary duties, ShoreTel’s Board of Directors (the “Board”), in consultation with its independent financial and legal advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interest of the Company’s stockholders. ShoreTel advises stockholders not to take any action at this time pending the review of the proposal by the Company’s Board of Directors.
On October 27, 2014, the ShoreTel Board unanimously rejected Mitel’s previous unsolicited proposal to acquire all outstanding common shares of ShoreTel at a price of $8.10 per share in cash, following careful consideration with the assistance of its independent financial and legal advisors. The ShoreTel Board concluded that the previous proposal significantly undervalued ShoreTel and its strong prospects for continued growth and value creation, and was not in the best interests of ShoreTel stockholders.
Blackstone Advisory Partners L.P. is serving as financial advisor and Fenwick & West LLP is serving as legal counsel to ShoreTel.
About ShoreTel, Inc.
ShoreTel is the fastest growing IP PBX company worldwide and the leader in customer satisfaction. The company has shipped its groundbreaking solutions since 1998 and continues to outpace the rapidly expanding VoIP market with technological advances and sales that are doubling year over year. ShoreTel voice systems are designed to make businesses smarter, setting new standards for usability and manageability while reducing telecommunications costs. A uniquely distributed architecture extends enterprise-class voice services to every office and outpost, keeping employees fully connected wherever they go. A select, worldwide group of channel partners provide top-notch service and support. For more information, visit http://www.shoretel.com/ or call 1-877-80SHORE