UPDATE 1-Inter-Tel says Vector Capital not to make any offer

(Reuters) - Vector's decision was based on recent events, including
former Chief Executive Steven Mihaylo's announcement on his
recapitalization plan for the company, Inter-Tel said in a
statement.




Mihaylo, the company's largest stockholder and founder, on
Monday urged Inter-Tel's stockholders to reject a $25.60 a
share offer from Mitel Networks Corp and accept his
recapitalization plan.


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