Why ShoreTel Shares Soared Today

Shares of ShoreTel (NASDAQ: SHOR) have soared today, up by 28% as of 11:30 a.m. EDT, after Mitel Networks (NASDAQ: MITL) announced that it would acquire the telecommunications vendor.

Mitel will be paying $7.50 per share in an all-cash deal for ShoreTel, valuing its equity at approximately $530 million. That purchase price represents a 28% premium to yesterday's close, corresponding to today's gains. Shares are currently trading within pennies of the purchase price.

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Source: Fool.com