San Diego, CA -- (SBWire) -- 08/29/2017 --The Shareholders Foundation announces that an investor, who currently holds shares of ShoreTel Inc (NASDAQ:SHOR), filed a lawsuit in effort to halt the proposed takeover of ShoreTel Inc. by Mitel.
Investors who purchased shares of ShoreTel Inc (NASDAQ:SHOR) and currently hold any of those NASDAQ:SHOR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SHOR stockholders by agreeing to sell ShoreTel Inc. cheaply via an unfair process to Mitel.
On July 27, 2017, Mitel (Nasdaq:MITL) (TSX:MNW) and ShoreTel (Nasdaq:SHOR) announced that they have entered into a merger agreement pursuant to which Mitel will acquire 100% of the outstanding shares of ShoreTel common stock in an all-cash transaction at a price of $7.50 per share.
However, plaintiff claims that the proposed consideration NASDAQ:SHOR shareholders will receive with EQT Corporation offer is grossly inadequate and undervalues ShoreTel Inc. Indeed, at least one analyst has set the high target price for NASDAQ:SHOR shares at $8.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:SHOR stockholders
On August 28, 2017, ShoreTel Inc (NASDAQ:SHOR) shares closed at $7.45 per share.
Those who are current investors in ShoreTel Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
ShoreTel Inc (NASDAQ:SHOR) Investor Lawsuit Filed Against Acquisition by Mitel
A lawsuit was filed for investors in shares of ShoreTel Inc (NASDAQ:SHOR) in connection with the proposed takeover and NASDAQ:SHOR stockholders should contact the Shareholders Foundation.