Open Text Acquires Hummingbird

Aug 08, 2006

Open Text Corporation, a provider of Enterprise Content Management (ECM) software, has announced that it has entered into a definitive agreement with Hummingbird Ltd. under which Open Text will acquire through a wholly-owned subsidiary, all of Hummingbird's outstanding shares in an all-cash transaction valued at $27.85 per share, or approximately $489 million. The transaction is to be carried out by way of a statutory plan of arrangement and will be subject to the approval of two-thirds of the votes cast by Hummingbird's shareholders at a meeting of shareholders, currently expected to be held in late-September as well as court approval. The transaction is also subject to certain other customary conditions, including the receipt of regulatory approvals. The proposed transaction is expected to close in early-October, shortly after receipt of shareholder and court approvals.