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, $34 million more than Mitel's earlier bid.The new offer comprises $8.10 per share in cash and 40 cents per share in Mitel common shares, or about 2.72 million shares.
Mitel Networks Corporation is a global provider of business communications and collaboration software and services. Shares of MITL fell by 0.81% or $-0.08/share to $9.85. In the past year, the shares have traded as low as $6.50 and as high as $11.94. On average, 197302 shares of MITL exchange hands on a given day and today's volume is recorded at 78480.
Shares of MNW fell by 0.71% or $-0.08/share to $11.22. In the past year, the shares have traded as low as $6.87 and as high as $13.00. On average, 66717 shares of MNW.TO exchange hands on a given day and today's volume is recorded at 26360.
ShoreTel, Inc. is a provider of business communication solutions. Shares of SHOR traded higher by 1.46% or $0.12/share to $8.32. In the past year, the shares have traded as low as $5.73 and as high as $9.81. On average, 501774 shares of SHOR exchange hands on a given day and today's volume is recorded at 660148.
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