SUNNYVALE, Calif., Oct. 20, 2014 – ShoreTel® (NASDAQ: SHOR), the leading provider of brilliantly simple phone systems and unified communications solutions, today confirmed that it has received an unsolicited proposal from Mitel Networks Corporation (NASDAQ: MITL) (“Mitel”) to acquire all of the outstanding shares of the Company for $8.10 per share in cash (the “Proposal”).
Consistent with its fiduciary duties, ShoreTel’s board of directors, in consultation with its financial and legal advisors, will carefully review and evaluate the Proposal and determine the course of action that it believes is in the best interest of the Company’s stockholders. ShoreTel advises stockholders not to take any action at this time pending the review of the Proposal by the Company’s board of directors.
Blackstone Advisory Partners L.P. is serving as financial advisor and Fenwick & West LLP is serving as legal counsel to ShoreTel.
As previously announced, ShoreTel will release the financial results for its first quarter of fiscal 2015 ended September 30, 2014, following the close of the market on Thursday, October 23, 2014.
About ShoreTel, Inc.
ShoreTel, Inc., (NASDAQ: SHOR) is a leading provider of Pure IP unified communications solutions. ShoreTel enables companies of any size to seamlessly integrate all communications - voice, video, messaging and data - with their business processes. Independent of device or location, ShoreTel's distributed software architecture eliminates the traditional costs, complexity and reliability issues typically associated with other solutions. ShoreTel continues to deliver the highest levels of customer satisfaction, ease of use and manageability while driving down the overall total cost of ownership. ShoreTel is headquartered in Sunnyvale, California, and has regional offices in Austin, Texas, the United Kingdom, Sydney, Australia and Munich, Germany. For more information, visit www.shoretel.com or call 1-800-425-9385.