Friday, July 28, 2006

Private Equity Firm, Founder Target Inter-Tel

Steven G. Mihaylo, founder, former chairman, and CEO of Tempe, Arizona-based data communications firm Inter-Tel, and private equity firm Vector Capital said this morning that they have resubmitted their offer to acquire the company for $22.50 per share in cash. Mihaylo and Vector have been attempting to acquire the company, backed by funding from Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., Royal Bank of Canada and RBC Capital Markets. The offer is the second for the company.