Joos added, “As part of our ongoing strategic process, the Strategic Advisory Committee intends to evaluate all options thoughtfully and thoroughly. I can assure our shareholders, employees, customers and partners that we will only embark on a new course if it offers superior value for shareholders, but we remain fully committed to continuing to deliver innovative solutions and an excellent experience to our customers as we scale and grow our hosted business.”
There is no assurance that the review of strategic alternatives will result in any transaction or other strategic alternative–and the company said hat it won’t be discussing the matter further until decisions have been made.
The Company has retained J.P. Morgan Securities as its financial advisor and Fenwick & West LLP as its legal counsel to assist in this review process.
In the meantime, Marjorie Bowen has been appointed to the board of directors and will serve as a member of the previously formed Strategic Advisory Committee. ShoreTel has an ongoing outreach to shareholders to discuss a range of business topics and through these discussions with two shareholders, Ancora Advisors, LLC and Legion Partners Asset Management, LLC, Marjorie Bowen was identified as a potential candidate. With this appointment, ShoreTel’s Board has increased to nine members, eight of whom are independent.
“We welcome Marjorie to the ShoreTel board. She is recognized as a financial expert and brings broad corporate governance expertise in implementing strategic and operational change,” said Chuck Kissner, chairperson of the ShoreTel board.
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