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Mitel Withdraws Bid For ShoreTel
Mitel was gunning to acquire ShoreTel, sadly, to no avail. After the initial bid was rejected, Mitel revised its offer and came back with an increased bid valuing ShoreTel at about $574 million. The proposal was supposed to be open until November 20, 2014. But because ShoreTel persistently put off any talks of the transaction, Mitel decided to rescind their bid prematurely.
As it stands in the Unified Communications market, Cisco ranks number one, with Avaya, ShoreTel, and Mitel following respectively. Had ShoreTel accepted the offer, Mitel/ShoreTel would have surpassed Avaya, taking the number two spot and bumping Avaya to third.
While this is good news for Avaya, it is also exactly what ShoreTel wanted. They were clearly not interested in the offer. Customers and shareholders can rest easier at night knowing the deal has been terminated, and for now, no mergers will be happening.
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