Over the past couple of years, Inter-Tel's (NASDAQ:INTL) stock price has been stuck in a stubborn trading range between $20 and $25. This can only have been frustrating for its biggest shareholder, Steven G. Mihaylo, who left the company in February after running it since its inception in 1969. Now Mihaylo wants the company back -- lock, stock, and barrel.

This week, he announced his intent to buy the company for $22.50 per share (or $600 million), in partnership with private equity fund Vector Capital. The stock jumped 8.64% on the news, to $21.76.

Inter-Tel offers a broad slate of telecom products and services targeted at midsized businesses. Its specialties include audio, video, and Web conferencing; local and long-distance calling services; voice and data network design; and traffic provisioning. The company faces plenty of stiff competition from biggies like Avaya (NYSE:AV), Nortel Networks (NYSE:NT), 3Com (NASDAQ:COMS), and Cisco Systems (NASDAQ:CSCO). Even Microsoft (NASDAQ:MSFT) has its own telecom offering.

Yet over the years, Inter-Tel has established a stable customer base. In the process, the company has built up a strong infrastructure of 60 company-owned direct sales offices, along with a network of hundreds of authorized dealers and value-added resellers in the United States, United Kingdom, Ireland, South Africa, and Australia.

Just as importantly, Inter-Tel has $176.3 million in the bank. Given the company's war chest, it's no surprise that Mihaylo was able to get commitments for $300 million in debt financing.

Might there be another offer from a third party? Chances are slim. Within the past month, Mihaylo negotiated with Inter-Tel to get himself and two others on the board. What's more, Mihaylo still owns 19% of Inter-Tel. Another buyer would likely need to pay a hefty price to convince Mihaylo to sell out.

Mihaylo has executed a clever strategy in his efforts to reclaim his company. Now, just a few months after leaving Inter-Tel, it now looks like he'll once again own the whole thing.

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Fool contributor Tom Taulli does not own shares of any companies mentioned in this article.