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.
Shares of MNW traded higher by 2.98% or $0.33/share to $11.42. In the past year, the shares have traded as low as $7.65 and as high as $13.00. On average, 66729 shares of MNW.TO exchange hands on a given day and today's volume is recorded at 87887.
ShoreTel, Inc. is a provider of business communication solutions. Shares of SHOR fell by 0.49% or $-0.04/share to $8.19. In the past year, the shares have traded as low as $5.73 and as high as $9.81. On average, 481369 shares of SHOR exchange hands on a given day and today's volume is recorded at 417323.
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