One thing to keep an eye on this week is any activity surrounding the Mitel/Inter-Tel merger that’s on the table as Inter-Tel shareholders meet to vote this Friday 6/29.
While there has been a counter-proposal/recapitalization proposal from Steven Mihaylo, Inter-Tel’s special committee recently recommended that shareholders unanimously vote for the Mitel merger.
Two weeks have passed since the Hart-Scott-Rodino waiting period had expired. That’s a standard anti-trust waiting period that companies must go through to satisfy regulators.
Inter-Tel CEO Norman Stout said at the time:
“Expiration of the waiting period without a second request for information represents a significant milestone towards the completion of our combination with Mitel. We remain on schedule to close the transaction in early July...”
Most recently, Mitel CEO Don Smith sent a letter to Inter-Tel stating that Mitel cannot raise the price of its offer, in response to a request from Inter-Tel to increase that offer price.
Smith cited a number of reasons supporting his belief that the Mitel offer is truly superior to any other plan or proposal.
Said Smith:
“We remain committed to delivering this premium valuation to Inter-Tel shareholders for 100% of their shares. The recent receipt of very favorable ratings from both S&P and Moody’s should provide you with further comfort around the deal certainty we have already committed to Inter-Tel and its shareholders.”