Deal Snapshot
OPENTEXT RECOMMENDS SHAREHOLDERS REJECT TRC CAPITAL ´MINI-TENDER´ OFFER
Thursday 12 October 2017

Canadian enterprise information management software specialist Open Text Corp. (NASDAQ: OTEX) (TSX: OTEX) has been notified of an unsolicited mini-tender offer made by Canadian investment firm TRC Capital Corp. to purchase up to 3m OpenText common shares, or approximately 1.13% of the company's outstanding common shares, at a price of CDN 38.50 per share, the company said.
OpenText is cautioning shareholders that the mini-tender offer has been made at a price below the market price for OpenText shares. The offer represents a discount of 4.44% to the TSX closing price and 4.67% to the NASDAQ closing price for OpenText common shares on October 3, 2017, the last trading day before the mini-tender offer was commenced.


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Details
Date Published: 12/10/2017
Target: Open Text/3m shares
Country: Canada
Deal Size: 930,000 (USD)
Sector: Computer Software
Type: Stakebuilding
Financing: Cash
Status: Bidding
Vendor: Open Text shareholders
Buyer: TRC Capital Corp
Comment:
Mini tender offer for lowball bid. Not surprisingly, Open Text recommends shareholders reject the offer

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