Nov 12 (Reuters) - U.S. telecommunications provider ShoreTel Inc rejected Canadian peer Mitel Networks Corp’s higher bid, saying it “significantly undervalued” the company.
The new proposal was highly inadequate and “is again an opportunistic attempt to acquire ShoreTel”, ShoreTel board’s chairman Charles Kissner said in a statement.
Mitel on Monday raised its offer to $8.50 per share in cash and stock, from $8.10 per share in cash.
The revised offer valued ShoreTel at about $574 million, $34 million more than Mitel’s earlier bid. (Reporting by Anannya Pramanick in Bangalore; Editing by Sriraj Kalluvila)