Mitel Announces End of “Go-Shop” Period

Mitel (NASDAQ:MITL;TSX:MNW), a global leader in business communications announced the expiration of “go-shop” period provided in the arrangement agreement between Mitel and an investor group led by affiliates of Searchlight Capital Partners.

As quoted in the press release:

During the go-shop period, representatives of Mitel contacted 86 potential buyers. Seven of the potential buyers entered into confidentiality agreements with Mitel and were granted access to non-public information about Mitel, but no potential buyer submitted an acquisition proposal.

Mitel also announced that it has filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities its definitive proxy statement and related materials related to the special meeting of Mitel shareholders to be held on July 10, 2018, at 10:00 a.m., Ottawa time, to vote on a resolution in favor of the arrangement pursuant to which an affiliate of Searchlight will acquire 100% of the common shares of Mitel. Copies of the definitive proxy statement and related materials will be mailed to shareholders of record as of June 7, 2018. The special meeting will be held at The Brookstreet Hotel, 525 Legget Drive, Ottawa (Kanata), Ontario, Canada K2K 2W2.

Additionally, Mitel disclosed that an advance ruling certificate has been issued by the Commissioner of Competition pursuant to the Competition Act (Canada) and that the U.S. Federal Trade Commission has granted early termination of the waiting period under the HSR Act.  Accordingly, the conditions to the transaction relating to the expiration or termination of the applicable waiting periods under the Competition Act and the HSR Act have been satisfied. The transaction is expected to close during the second half of 2018, subject to customary closing conditions, including the receipt of other regulatory approvals, shareholder approval and court approval.

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