News has been flying around the wires recently regarding the potential sale of voice and data communications company Inter-Tel
to its founder and former CEO, Steven Mihaylo
“A special committee of the board will evaluate this offer in due course,” an Inter-Tel (News
) spokesperson confirmed today during a phone conversation with TMCnet.
According to the Reuters report, Mihaylo and Vector said they will raise their bid to $23.25 per share (based on INTL Acquisition Corp.’s valuing of the company at $619 million) if Inter-Tel (News
) moves quickly on the offer.
A New York Post article
today says that pressure is being put on Inter-Tel from shareholder Millenium Management LLC to sell quickly in order to obtain the higher bid.
According to New York Post, Mihaylo has set an August 25 deadline for Inter-Tel to accept or reject the bid. The company previously rejected a $22.50 per share offer from the former CEO.
New York Post said that Millenium owns 1.4 percent of Inter-Tel, and that Mihaylo has a 19 percent stake in the company.
Mae Kowalke previously wrote for Cleveland Magazine in Ohio and The Burlington Free Press in Vermont. To see more of her articles, please visit Mae Kowalke’s columnist page.