Open Text Acquires 88% Of IXOS

Feb 27, 2004


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Open Text Corporation, an enterprise content management (ECM) software vendor, has announced that a total of 19,135,455 shares of IXOS Software AG, representing approximately 88% of the ordinary share capital and voting rights of IXOS, have been tendered under the tender offer to its wholly-owned subsidiary, 2016091 Ontario Inc. Of these IXOS shares, 17,792,529 shares (approximately 93% of the tendered shares) have been tendered for the Alternative Consideration of Open Text shares and warrants, with the balance tendered for cash. Together with shares acquired in the open market, 2016091 Ontario owns a total of 19,157,428 IXOS shares or approximately 88% of the ordinary share capital and voting rights of IXOS. With the Offer now completed, 2016091 Ontario Inc. will proceed with further steps to acquire the remaining IXOS shares not owned by it, in accordance with German law. Based on the 88% interest in IXOS acquired to date, Open Text will begin to consolidate IXOS results with its results on March 1, 2004. Open Text is also updating to its guidance for the combined operations reflecting a 12% minority interest in the shares of IXOS.

(http://www.opentext.com/livelink)