Mitel Networks makes $540 mln offer for Shoretel

Mon Oct 20, 2014 8:18am EDT
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Oct 20 (Reuters) - Mitel Networks Corp , a provider of internet phone and video-conferencing services, said it offered to buy smaller peer Shoretel Inc for about $540 million.

The company said Shoretel had rejected an earlier proposal and refused to engage with Mitel.

The cash offer of $8.10 per share represents a 24 percent premium to Shoretel's closing price on Friday. (Reporting by Swetha Gopinath in Bangalore; Editing by Simon Jennings)