Three days short of the scheduled deadline, Ottawa-based Mitel has withdrawn its offer for all the outstanding shares of California-based ShoreTel.
In a very brief news release issued Monday, Mitel said the decision was made based on “the repeated refusal of ShoreTel's Board of Directors to engage in discussions of any kind.”
Mitel president and CEO Rich McBee has said many times the business communications market is rapidly consolidating and vows Mitel will continue to be a consolidator.
“We have successfully completed several mergers and acquisitions in the past 18 months and you'll see more in the future,” Mr. McBee said in a statement. “With respect to ShoreTel we are moving on however we remain open to conversation should they choose to reach out.”
Mitel made an original $520-million bid for ShoreTel shares Oct. 20 before increasing the bid three weeks later to $574 million.
Both times Mr. McBee sent an open letter to the chair of ShoreTel’s board. Both letters went unanswered.
The offer was to expire Nov. 20 at 5 p.m.