Inter-Tel shareholders finally took the plunge yesterday and voted for the board recommended merger with Mitel. The deal values Inter-Tel at $723 million and adds 3400 employees to the Mitel workforce.
“We are delighted Inter-Tel shareholders have voted to approve the merger with Mitel. By bringing together the unique strengths of each company, this transaction will accelerate our growth strategy,” said Don Smith, CEO of Mitel. “Together, we believe that Mitel and Inter-Tel will possess the intellectual property, technology depth, breadth of portfolio, managed services, partnerships, and people to be a leader in the rapidly changing IP telephony landscape.”
Subject to the outcome of the preliminary injunction hearing arising from Inter-Tel’s litigation before the Delaware Court of Chancery, Mitel and Inter-Tel expect that the merger will close as promptly as practicable after the hearing which is scheduled for August 8, 2007.