| Title: | Inter-Tel, Inc. (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Jun 07, 2007 |
| Company: | Inter-Tel, Inc. |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...On June #, Steven Mihaylo, founder and form er CEO of Inter-Tel (INTL) wrote a letter to the board of directors in which he re iterated his opposition to the proposed $##.## per share cash buyout of INTL by Mitel Networks. Mihaylo, who is officially soliciting shareholders to vote against the transaction, re signed as CEO last February but remains a board member by virtue of a proxy fight settlement. Shares of INTL had been trading significantly above the offer price on the hopes of a bidding war with Vector Ca pital. These hopes were dashed upon the June # announcement that Vector would not be ma king a highly anticipated $##.## topping bid, in part because Mihaylo has proposed that the company undertake a leveraged recapitalization in lieu of a sale. ... |
| Word Count: | 1840 |
| Length: | 4 Pages |
| Ticker: | INTL |
| Related Report(s): | - Inter-Tel, Inc. (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year The full board of directors is elected annually There are between nine and ## directors serving on the board Shareholders have cumulative voting rights in director elections The CEO serves on the boards of two or fewer other companies Chairman and CEO are separated and Chairman is an independent outsider The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan is in...
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