Mitel withdraws its $574 million bid for ShoreTel

Mon Nov 17, 2014 9:01am EST
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TORONTO (Reuters) - Canadian telecom services provider Mitel Networks Corp MNW.TO (MITL.O: Quote) said on Monday it has withdrawn its bid to buy smaller U.S. peer ShoreTel Inc (SHOR.O: Quote), after ShoreTel refused to engage in any talks regarding a potential transaction.

Earlier this month, Mitel had raised its bid for ShoreTel by some $34 million to about $574 million, in an attempt to spur ShoreTel into discussions.

(Reporting by Euan Rocha; Editing by Bernadette Baum)