Open Text Corp. posts
FeedPosted Sep 4th 2008 11:00AM by Tech Confidential (RSS feed)
Filed under: Deals
Under pressure from some of its largest shareholders to pursue a deal, document management firm Captaris Inc. on Thursday
said it would be acquired by Open Text Corp. for $131 million.
At $4.80 a share, the purchase price is only slightly better than the $4.75 a share offer made by private equity firm Vector Capital on March 17, the same day Captaris
announced it was exploring strategic alternatives. But Vector, which owns a 10.2% stake in Captaris, withdrew its offer on March 28, a week after the company said it would not preempt its review process to limit talks with the firm. Captaris also was under pressure from activist shareholder Emancipation Capital LP, which holds a 6.7% stake, to strike a deal.
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