Board reconsiders Inter-Tel, Mitel deal

Ottawa’s Mitel Networks hopes soon to see an end to the drama taking place over its effort to buy a U.S. competitor, Inter-Tel Inc., that would double its size.

Last month Inter-Tel founder Steven Mihaylo forced the company’s board to delay a special meeting of shareholders to approve the proposed US$723 acquisition until July 23, raising questions of whether management has the votes to okay a deal that Mitel believes will give it improved access to U.S. telecom system buyers.

Mihaylo, who owns 19 per cent of publicly-traded Inter-Tel and still sits on its board, told shareholders that he could manage a “leveraged recapitalization” of the Arizona-based maker of voice and data solutions without taking it private, which would yield “significantly greater present value” than the

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Jim Love, Chief Content Officer, IT World Canada

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Howard Solomon
Howard Solomon
Currently a freelance writer, I'm the former editor of ITWorldCanada.com and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including ITBusiness.ca and Computer Dealer News. Before that I was a staff reporter at the Calgary Herald and the Brampton (Ont.) Daily Times. I can be reached at hsolomon [@] soloreporter.com

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