12:48 pm ShoreTel (SHOR)
ShoreTel (SHOR) is rallying nearly 20% today on an announcement today from Mitel (MITL) that Mitel made a bid to acquire ShoreTel for $8.10 per share in cash. Despite the offer representing a 24% premium from Friday's closing price, ShoreTel has rejected the proposal and has refused to engage in discussions, according to Mitel.
In case you're not familiar with ShoreTel, basically what the company does is offer IP-based telephony hardware and software with a focus on small and medium sized businesses (fewer than 5,000 users). SHOR's strategy is to …More