Inter-Tel, Incorporated announced today that the Special Meeting of Stockholders to vote on the merger with Mitel Networks Corporation has been rescheduled upon the advice of Delaware counsel for August 2, 2007 so that all stockholders receive 20 calendar days written notice of the meeting.
This is the second postponement of the meeting/vote.
As previously reported, the original vote scheduled for June 29th was delayed until July 23rd. Now, that date has been pushed back again, to August 2.
Responding to the postponement, Steven Mihaylo, founder and former Chief Executive Officer of Inter-Tel sent a letter to shareholders denouncing the Board's repeated postponement of the vote on the proposed merger.
Calling the Board's tactics “a ploy to trigger panic among stockholders,” Mihaylo assured stockholders that in his view nothing has changed in recent weeks that should cause them to reassess their valuation of the company and the Mitel transaction.
A full copy of Mihaylo’s letter can be found here.
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