The company confirmed it received the $8.50-per-share-offer on Monday, but is advising its stockholders to do nothing for now.
“ShoreTel’s board of directors, in consultation with its independent financial and legal advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interest of the company’s stockholders. ShoreTel advises stockholders not to take any action at this time pending the review of the proposal by the company’s board of directors,” ShoreTel said in a press release.
ShoreTel in late October turned down Mitel’s first unsolicited proposal, which amounted to $8.10 per share in cash. Mitel on Monday raised that price as it seeks to combine the two IP business phone systems provider, both of which have cloud divisions.