Reuters is reporting that Inter-Tel has rejected a bid led by Steven Mihaylo, its founder and largest shareholder, to buy all company shares he does not already own for $23.25

 

The company will instead continue to explore strategic options.

 

Earlier this week, TMCnet reported that Inter-Tel shareholder Millenium Management LLC was applying pressure to the company to sell quickly in order to obtain the higher bid.

 

According to the report, last Monday, Mihaylo raised the offer from $22.50 per share, provided Inter-Tel publicly commit to selling itself within 30 days. But Inter-Tel said the higher bid is not "sufficiently attractive" to warrant an end to the strategic view.

 

Mihaylo in April publicly began efforts to buy Inter-Tel, two months after the company announced his resignation as chief executive. Inter-Tel shares closed up 3 cents at $21.71 on the Nasdaq Friday.