Newspaper article The Canadian Press

Mitel Stock Pops to Multi-Year High after Searchlight Makes Privatization Bid

Newspaper article The Canadian Press

Mitel Stock Pops to Multi-Year High after Searchlight Makes Privatization Bid

Article excerpt

Mitel stock pops after friendly takeover bid

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TORONTO - Mitel Networks Corp. stock jumped nearly 10 per cent to a multi-year high Tuesday after it announced that its board is recommending a friendly privatization offer by an investor group led by Searchlight Capital Partners.

Shares of the Ottawa-based company, which makes communication equipment for offices and call centres, closed at US$11.12 at the Nasdaq stock market and C$14.29 in Toronto, up $1.25 or 9.6 per cent from Monday's close.

Combined with assumed debt, the Searchlight offer of US$11.15 per share cash would value the company at about C$2.6 billion.

Mitel chief executive Rich McBee said in an interview Tuesday that Searchlight would leave the company intact and support it through a period of transition from one business model to another. …

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