Open Text Intends to Acquire Hummingbird

Jul 07, 2006

Open Text Corporation, a provider of Enterprise Content Management (ECM) software, has announced its intention to make an offer through a wholly-owned subsidiary for all of the common shares of Hummingbird Ltd. ("Hummingbird") at a price of $27.75 per common share in cash, representing a premium of approximately 20.0% over the closing price of the Hummingbird Shares on the Nasdaq on May 25, 2006, the day prior to the announcement by Hummingbird that it had entered into an arrangement agreement with affiliates of the Symphony Technology Group and the offer price is $1.00 greater than the Symphony Technology Group offer. It is Open Text's intention to commence the offer by no later than July 15, 2006.