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+ - Mitel to buy Inter-Tel in $723 million deal

Submitted by
Ben
Ben writes: ""Mitel Networks has agreed to buy Inter-Tel Inc. in a $723 million dollar deal that is expected to close in the third quarter of 2007, the two companies said in a joint release on Thursday."
"According to the release, Ottawa-based Mitel will pay $25.60 in cash for each Inter-Tel share. That represents a 7.6 percent premium over the $23.79 closing price of Inter-Tel's shares on Nasdaq."
"Last year, former Inter-Tel Chief Executive Steven Mihaylo and his private equity firm Vector Capital Corp. withdrew a takeover bid, a day after Inter-Tel said shareholders rejected his non-binding resolution to put the company up for sale to the highest bidder. "
http://www.reuters.com/article/mergersNews/idUSN26 49429720070426"

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