BUZZ-ShoreTel Inc: Mitel withdraws revised takeover offer

Mon Nov 17, 2014 11:49am EST
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** Telecommunications provider's shares down 9 pct at $7.47

** Canadian peer Mitel Networks Corp withdraws takeover proposal, citing repeated refusal by ShoreTel to engage in discussions

** ShoreTel rejected Mitel's revised takeover bid last week, saying it "significantly undervalued" the company

** Mitel on Nov. 10 raised its bid by $34 mln to about $574 mln

** Mitel's U.S.-listed shares were marginally up at $10.19

** Up to Friday's close, ShoreTel stock had gained about 26 pct since Mitel's initial bid on Oct. 20