Well, it looks like the acquisition is well underway:
opentext.com
Full Text:
For Immediate Release
Open Text Announces Launch Of Take-Over Bid To Acquire Microstar Software
Waterloo, on. ? August 13, 1999 ? Open Text Corporation (NASDAQ: OTEX, TSE: OTC) announced today that on August 12, 1999 the company mailed a Take-over Bid Offer and Circular to the shareholders of Microstar Software Ltd. (TSE: MSS) of Ottawa, Ontario to acquire all of the outstanding shares of Microstar for $2.10 per share payable in cash.
The Board of Directors of Microstar in its Directors' Circular has concluded that the price and terms of the offer are fair to the Microstar shareholders and has unanimously recommended that Microstar shareholders accept the offer.
The offer is subject to standard conditions including at least 66 2/3 % of the shares being tendered to the offer, and meeting regulatory approvals. Shareholders holding in the aggregate approximately 35% of the shares of Microstar on a fully diluted basis have agreed to tender their shares to the offer.
The offer is open for acceptance until 12:00 midnight (local place of deposit) on September 2, 1999 unless otherwise extended. Yorkton Securities Inc. will lead the soliciting dealer group.
About Microstar
Microstar Software Ltd. provides structured information management solutions comprised of technology and services for Global 2000 companies. These solutions enable Microstar?s customers to effectively and economically create, manage and distribute their corporate knowledge assets. The company is recognized for its innovative standards-based solutions based on SGML and XML. Microstar?s technology expertise includes the development of XML and SGML tools such as Near & Far© Designer and the ’lfred XML parser. The company is listed on the Toronto Stock Exchange (MSS). Information about Microstar Software Ltd. is available on the World Wide Web at microstar.com.
About Livelink
Livelink is a highly scaleable, collaborative knowledge management application for intranets and extranets. Livelink's richly-featured enterprise document management, virtual team collaboration, business process automation, enterprise group scheduling and information retrieval services are tightly integrated into an off-the-shelf application that is easily customized and extended to fill a broad range of information and knowledge management needs. Livelink servers are fully Web-based and open-architected to ensure very rapid deployment, requiring just a standard Web browser on users' desktops to access its full functionality. Livelink runs on Microsoft Windows NT© and the leading UNIX platforms and supports most popular relational database management systems.
About Open Text
Livelink and BASIS are registered trademarks and Open Text, HyperInnovation, Toward HyperInnovation and BASIS Techlib are trademarks of Open Text Corporation. All other trademarks are the property of their respective companies.
This news release may contain forward-looking statements relating to the deployment of Livelink by customers, and future performance of Open Text Corporation. Forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in the integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company?s customers and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC), including the final prospectus for the company?s initial public offering of common stock in January 1996, Form 10-K for the years ended June 30, 1997 and June 30, 1998, and Form 10-Q for the quarters ended September 30, 1998, December 31, 1998 and March 31, 1999. Forward-looking statements are based on management?s beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management?s beliefs or opinions change.
Release Disclaimer
Livelink is a registered trademark of Open Text Corporation. Open Text and HyperInnovation are trademarks of Open Text Corporation. Microstar and Near and Far are registered trademark of Microstar Software Ltd. All other trademarks are the property of their respective companies.
This news release may contain forward-looking statements relating to the deployment of Livelink by customers, and future performance of Open Text Corporation. Forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company?s customers and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC), including the final prospectus for the company?s initial public offering of common stock in January 1996, Form 10-K for the years ended June 30, 1997 and June 30, 1998, and Form 10-Q for the quarters ended September 30, 1998, December 31, 1998 and March 31, 1999. Forward-looking statements are based on management?s beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management?s beliefs or opinions change.
Press Contact
Thomas J. Hearne
Chief Financial Officer
Open Text Corporation
Phone: (519) 888-7111
Margaret E. Dobbin
Public Relations & Investor Relations Manager
Open Text Corporation
Phone: (519) 888-7111
E-mail: mdobbin@opentext.com
Sarah Burns
High Road Communications
Phone: (416) 368-8348
E-mail: sburns@highrd.com
Gillian Brouse, Investor Relations
Reid-Eddison Inc.
(613) 230-1863
gillian@reideddison.com
Microstar Inc.
(613) 596-2233
ir@microstar.com
Investor Relations
Margaret E. Dobbin
Public Relations & Investor Relations Manager
Open Text Corporation
Phone: (519) 888-7111
E-mail: mdobbin@opentext.com |
