Enterprise firm Mitel to be acquired for $2B by Rackspace investor Searchlight [TechCrunch Blog]
MITEL NETWORKS (MITL)
Last mitel networks earnings: 2/22 06:30 am
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Source: TechCrunch Blog
Mitel , the enterprise communications company that tried but failed to buy Polycom for $2 billion , is now being acquired for $2 billion itself. The company today announced that it has agreed to be acquired by Searchlight Capital Partners in an all-cash transaction of $2 billion, a deal that will also see the company going private. The price is a decent jump on the company’s market cap of $1.57 billion when it closed trading on Nasdaq yesterday evening, with the $11.15 per-share-deal a 24 percent premium over the average price on the stock’s 90-day average. Mitel said its board of directors has voted in favor of the deal and “will recommend that Mitel shareholders approve the arrangement”, although it also includes a 45-day “go-shop” period, “which permits Mitel’s Board of Directors and advisors to actively solicit, evaluate and potentially enter into negotiations with parties that make alternative acquisition proposals through June 7, 2018.” So there coul
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