Mitel finally completes Inter-Tel acquisition
Briefs | 08/17/2007 4:36 pm EDT
After a roller coaster summer, Ottawa's Mitel Networks Corp. says it's finally taking possession of Arizona-based Inter-Tel Inc. Inter-Tel stockholders will received $25.60 per share, and the transaction makes Mitel the number-1 phone system provider in the small and mid-sized business (SMB) market, the firm boasts by press release. Mitel originally announced its intention to purchase Inter-Tel in April, but soon after a rival suitor, Vector Capital Corp., arrived on the scene. As well, former Inter-Tel CEO Steven Mihaylo announced an alternative recapitalization plan and urged investors to reject Mitel's offer. A group of shareholders applied to the Delaware Court of Chancery to stop the Mitel-Inter-Tel merger. But the court denied the motion earlier this week, clearing the way for the deal.