Mitel Raises Bid For ShoreTel - Quick Facts

(RTTNews) - Business communications firm Mitel Networks (MITL) Monday said it raised its bid for acquiring ShoreTel Inc. (SHOR)to $8.50 per share, representing a total equity value of $574 million.

ShoreTel had previously turned down Mitel's takeover offer for $8.10 per share. The new bid, which is for $8.10 per share in cash and $.40 per share in Mitel common stock, is a 31 percent premium to ShoreTel's unaffected stock price on October 17.

"We continue to believe that the combination of our two companies offers a compelling opportunity to add sustained value to both organizations, and to solidify our combined leadership position in a highly competitive and rapidly consolidating market," said Richard McBee, Chief Executive Officer of Mitel.

Mitel said the proposal remains open until 5 p.m. EST on November 20.