Open Text Corporation, a leading provider of enterprise content management(ECM) software, announced that it has allowed the earlier offer by its wholly owned subsidiary to acquire shares of Hummingbird at a price of U.S. $27.75 per share to lapse in accordance with its terms. After the offer was made on July 10, 2006, Open Text entered into a previously announced arrangement agreement with Hummingbird on August 4, 2006 that contemplates Open Text acquiring through its subsidiary all of Hummingbird's outstanding shares at a higher price of U.S. 27.85 per share, or approximately U.S. $489 million.
The new transaction with Hummingbird is to be carried out by way of a statutory plan of arrangement and will be voted on by Hummingbird's shareholders at a meeting of shareholders currently expected to be held in mid-September. The arrangement is subject to court approval as well as certain other customary conditions, including the receipt of regulatory approvals. The proposed transaction is expected to close in early-October, shortly after >receipt of Hummingbird shareholder approval and final approval of the court.
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