ShoreTel Inc (NASDAQ:SHOR) was offered a buyout deal of $540 million by Mitel Networks Corp (NASDAQ:MITL). However, the Board of ShoreTel has refused to engage with Mitel Networks over the bid, prompting the latter to go public with the matter. The offer values ShoreTel at $8.10 per share, which signals 24% premium over the previous closing price.
The management of ShoreTel Inc (NASDAQ:SHOR) has not commented on the latest development.
ShoreTel is a $478 million company that provides business communications solutions. Most of its businesses at 90% cover the U.S. market. Mitel Networks hopes that the acquisition of ShoreTel would boost its expansion efforts in the U.S.
As part of its expansion in Europe, Mitel Networks tapped rival Aastra Technologies for $374 million.
Cleco Corporation (NYSE:CNL) has entered into an agreement to be acquired by a group of infrastructure investors for about $4.7 billion. The acquisition value includes the assumption of about $1.3 billion in debt. The deal values Cleco Corporation (NYSE:CNL) at $55.37 per share, which represent a premium of 15% over the closing price on Friday.
Cleco Corporation (NYSE:CNL) is expected to continue its operations as an independent company after the closing of the deal. It will also retain its headquarters in Pineville, Louisiana. The company assured that its customers and shareholders would not be affected by the deal. As such, electricity rates will remain the same and shareholders will still get dividends at the annual rate of $1.60 a share to closing.
Tesoro Corporation (NYSE:TSO) has announced the creation of a full-fledged logistics company under Tesoro Logistics LP (NYSE:TLLP). In the latest update, Tesoro Corporation (NYSE:TSO) said that TLLP has entered into an agreement to purchase QEP Resources to boost its operations. The acquisition is valued at $2.5 billion.
Tesoro Corporation (NYSE:TSO) has committed $350 million investment in TLLP through common units. It will also retain its general partner stake in the logistics company.