Steven G. Mihaylo, founder and former Chief Executive Officer of Inter-Tel, announced Glass Lewis & Co., a provider of proxy and risk analysis to institutional investors, recommended that Inter-Tel shareholders vote against the proposed buyout by Mitel Networks Corporation at the June 29^th shareholder meeting.

 

Inter-Tel, for their part, announced that PROXY Governance, Inc., an independent proxy advisory firm, recommends that its clients vote for the company’s proposed merger with Mitel.

 

As readers of this blog are no doubt aware, on April 26, 2007, Inter-Tel entered into a definitive merger agreement whereby Mitel will acquire Inter-Tel for $25.60 per Inter-Tel share in cash, representing a total purchase price of approximately $723 million.