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Press Release
WATERLOO, Ontario, Oct. 8, 2015 /PRNewswire/ — Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) (“OpenText”), a global leader in Enterprise Information Management (EIM), today announced a definitive agreement to acquire Daegis Inc. (NASDAQ: DAEG) (“Daegis”), a global information governance, data migration solutions and development tools company.(1)
Under the terms of the agreement, which has been approved by the boards of directors of both companies, a newly formed, indirect wholly-owned subsidiary of OpenText will commence a tender offer for all outstanding shares of Daegis for $0.82 per share in cash, for a total equity value of approximately $13.5 million. OpenText will fund the acquisition with cash on hand.
OpenText intends to commence a tender offer for all of the shares of common stock of Daegis within 10 business days. Under the agreement, the tender offer will be followed by a merger to acquire any untendered shares. The tender offer is subject to the tender of a majority of Daegis’ shares and certain other customary closing conditions. It is expected that the transaction will close in the second quarter of OpenText’s fiscal 2016.
Read the complete release at: OpenText Signs Definitive Agreement to Acquire Daegis Inc.