UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2000
MITEL CORPORATION
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(Exact name of registrant as specified in its charter)
CANADA 1-8139 NONE
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(State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization) Identification No.)
350 Legget Drive
P.O. Box 13089
Kanata, Ontario, Canada K2K 2W7
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(Address of principal (Postal Code)
executive offices)
Registrant's telephone number, including area code: (613) 592-2122
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Mitel Corporation has entered into a letter of intent to sell its Communications
Systems Division.
On December 15, 2000, Mitel Corporation ("Mitel" or "the Company") issued a
press release announcing that it had signed a letter of intent to sell its
Communications Systems division, including the name "Mitel", for approximately
$350 million in cash, notes and a minority interest in the business to companies
controlled by Dr. Terence H. Matthews. The sale transaction is expected to close
in February 2001.
The letter of intent is subject to the entering of a Master Acquisition
Agreement between Mitel Corporation and Dr. Matthews' acquiring companies, and
to regulatory and other approvals.
Mitel also announced that it expects to report the results, assets and
liabilities of its Communications Systems division as discontinued operations
for the third quarter ending December 29, 2000 with appropriate adjustments to
reflect the anticipated sale transaction. The final accounting for the sale
transaction is expected to be recorded in Mitel's fourth quarter of Fiscal 2001.
Mitel also announced that it expects its Semiconductor sales for the third
quarter to be sequentially lower by approximately 10 percent from the $194.3
million recorded in the second quarter of Fiscal 2001.
A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit No. Description
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99.1 Press Release, dated December 15, 2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MITEL CORPORATION
(Registrant)
Date December 20, 2000 Jean-Jacques Carrier
Jean-Jacques Carrier
Senior Vice President, Finance
and Chief Financial Officer
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