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2 August 2007
Inter-Tel Stockholders Approve Merger with Mitel
TEMPE, Ariz.--(BUSINESS WIRE)--August 02, 2007 -- Inter-Tel (Delaware), Incorporated (NASDAQ: INTL) announced that, based on the preliminary tabulation provided by the Company's proxy solicitor, it appears
that Inter-Tel stockholders approved the adoption of the merger agreement with
Mitel Networks Corporation at today's Special Meeting. The preliminary
tabulation indicates that more than 60% of the Company's outstanding shares
voted in favor of the transaction.
"We are pleased that Inter-Tel stockholders agreed with us that the Mitel
merger represents the greatest value currently available to Inter-Tel
stockholders and is in their best interests," said Alexander L. Cappello,
Inter-Tel's Chairman. "On behalf of Inter-Tel's Board of Directors, I want to
thank our stockholders, customers and dedicated employees for their support
throughout this process. We look forward to completing the merger shortly, and
we anticipate a smooth integration of the two companies."
As previously disclosed, in connection with litigation currently before the
Delaware Court of Chancery, the Company and Mitel have agreed not to complete
the merger until after an August 8, 2007 hearing on a motion for a preliminary
injunction of the merger. Subject to the outcome of that hearing, the Company
currently expects to close the transaction as promptly as practicable after the
hearing.
On April 26, 2007, Inter-Tel entered into a definitive merger agreement
whereby Mitel agreed to acquire Inter-Tel for $25.60 per Inter-Tel share in
cash, representing a total purchase price of approximately $723 million.
At the Special Meeting, all proxy cards and ballots were turned over to the
independent inspector of elections, IVS Associates, Inc., for final tabulation
and certification. Final voting results will be publicly announced promptly
after they have been tabulated and certified.
About Inter-Tel (Delaware), Incorporated
Inter-Tel (Nasdaq: INTL) offers value-driven communications products;
applications utilizing networks and server-based communications software; and a
wide range of managed services that include voice and data network design and
traffic provisioning, custom application development, and financial solutions
packages. An industry-leading provider focused on the communication needs of
business enterprises, Inter-Tel employs approximately 1,940 communications
professionals, and services business customers through a network of 57
company-owned, direct sales offices and approximately 300 authorized providers
in North America, the United Kingdom, Ireland, Australia and South Africa. More
information is available at www.inter-tel.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, as amended, concerning,
among other things, the anticipated completion of the Mitel merger and the
outcome of pending litigation. Forward-looking statements are statements in the
future tense or that include words such as "intends," "believe", "expect",
"proposed", "anticipates" and words of similar import. Forward-looking
statements are based on assumptions, suppositions and uncertainties, as well as
on management's best current assessment of future events. However, actual
results may differ materially from those reflected in forward-looking statements
based on a number of factors, many of which are beyond the control of Inter-Tel.
Such factors may include, without excluding other considerations, risks relating
to the Mitel transaction and planned integration of the two companies, the
outcome of pending litigation, activities undertaken by Steven G. Mihaylo, the
satisfaction of the conditions to completion of the merger, and general market
trends or economic changes. Inter-Tel disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
Inter-Tel and the Inter-Tel logo are trademarks of Inter-Tel (Delaware),
Incorporated.
CONTACT:
Inter-Tel
Norman Stout, 480-449-8900
Chief Executive Officer
or
Joele Frank, Wilkinson Brimmer Katcher
Steve Frankel / Jeremy Jacobs, 212-355-4449
SOURCE: Inter-Tel (Delaware), Incorporated
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