Mitel raises offer for ShoreTel to $574 mln

Mon Nov 10, 2014 8:23am EST
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Nov 10 (Reuters) - Canadian telecommunications provider Mitel Networks Corp raised its offer for smaller U.S. peer ShoreTel Inc, after ShoreTel did not accept its earlier offer.

Mitel raised its offer to $8.50 per share in cash and stock from its previous offer of $8.10 per share in cash, representing a 3.7 percent premium to ShoreTel's closing price on Friday.

The revised offer values ShoreTel at about $574 million. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Simon Jennings)