Inter-Tel Inc. shareholders enjoyed watching their stock rise to a 52-week high today, closing up $1.34 at $26.90.
According to published reports, Inter-tel said it had received a letter from Vector Capital Corp. expressing an interest in buying the company in a cash offer of $26.50 per share, which puts the value of the offer at about $715.8 million.
As was reported earlier by TMCnet, Inter-Tel already has an agreement with Mitel Networks Corp. and Arsenal Acquisition Corp., which agreed to buy it for $25.60 per share in cash.
The current reported offer represents a premium of approximately $23 million over the Mitel-led bid.
Today, Inter-Tel said its special committee had determined that Vector Capital's bid was reasonably likely to lead to a superior proposal, and that they have notified Mitel of the committee’s decision to engage in talks with Vector Capital.
Rich Tehrani offers his take on the news here.
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