Canadian telecommunications provider Mitel Networks Corp made public its about $540 million offer for smaller U.S. peer ShoreTel Inc.Mitel's cash offer of $8.10 per share represents a 24 percent premium to ShoreTel stock's closing price on Friday.Sunnyvale, California-based ShoreTel's shares were up 18 percent at $7.76 - below the offer price - in heavy volumes in mid-day trading. They touched a high of $7.80 earlier.Kanata, Ontario-based Mitel said it made its offer public after ShoreTel's board rejected an earlier proposal - also for $8.10 - sent on Oct. 2 and refused to engage with the company.
Mitel Networks Corporation is a global provider of business communications and collaboration software and services. Shares of MITL fell by 3.09% or $-0.26/share to $8.16. In the past year, the shares have traded as low as $5.36 and as high as $11.94. On average, 220408 shares of MITL exchange hands on a given day and today's volume is recorded at 147256.
Shares of MNW fell by 3.37% or $-0.32/share to $9.18. In the past year, the shares have traded as low as $5.67 and as high as $13.00. On average, 69892 shares of MNW.TO exchange hands on a given day and today's volume is recorded at 44919.
ShoreTel, Inc. is a provider of business communication solutions. Shares of SHOR traded higher by 17.05% or $1.11/share to $7.62. In the past year, the shares have traded as low as $5.73 and as high as $9.81. On average, 382959 shares of SHOR exchange hands on a given day and today's volume is recorded at 4576832.
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