Greg Galitzine's VoIP Authority Blog

As reported earlier, Inter-Tel had set last Friday, June 29th as the date for their shareholder meeting to determine the fate of the planned merger with Mitel.   Well, that plan took a strange twist Friday, as the Board of Directors decided to postpone the meeting.   Friday, it was announced that the Special Meeting of Stockholders to vote on the merger with Mitel Networks Corporation has been rescheduled for July 23 in Phoenix. The Board of Directors has set the close of business on Monday July 9 as the date of record to determine the Inter-Tel stockholders who are entitled to vote at the Special Meeting.   Steven G. Mihaylo, founder and former Chief Executive Officer of Inter-Tel issued a release, expressing “dismay at the Board’s decision to postpone the Special Meeting.”   According to Mihaylo,   “I am confident that shareholders have had sufficient time to evaluate their investment in order to determine the course of action that would most maximize their returns, and should have been allowed to express their wishes today. I urge shareholders to demand that the Board cease these delay tactics and accept the voice of the shareholders.”   In his Friday statement postponing the meeting, Alexander L. Cappello, the Chairman of the Special Committee of Inter-Tel’s Board of Directors said:   After careful consideration, the Special Committee has decided to postpone the vote on the Mitel merger so that all Inter-Tel stockholders can evaluate recent developments when deciding how to vote their shares.