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Technology Stocks : Hummingbird Comm. (HUMC)
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To: John Chatterton who wrote (1935)12/15/1999 8:22:00 AM
From: fork_hill  Read Replies (1) of 2018
 
open text next target

Hummingbird Communications Ltd -
Globe says Hummingbird eyes Open Text
Hummingbird Communications Ltd HUM
Shares issued 15,814,890 1999-12-14 close $44.75
Wednesday Dec 15 1999
Also Open Text Corp (OTC)
The Globe and Mail reports in its Wednesday Dec. 15, edition that Hummingbird Communications is interested in buying Open Text. The Globe's Tyler Hamilton writes that Hummingbird says Open Text would fill the "work flow" technology gap in Hummingbird's product line. A bid for Open Text -- with a $536-million market value at yesterday's prices -- would be Hummingbird's largest purchase to date. Open Text says it is "not aware" aware of Hummingbird's acquisitive interest. Hummingbird said yesterday it plans a share issue to raise a total of $90-million, which it said will go toward paying off debt and "and to fund potential acquisitions." Hummingbird's debt grew to $103-million after the June closing of its $305-million purchase of PC Docs Group International. Since then Hummingbird has sold some of PC Docs non-core assets and reduced its debt load to about $45-million. Hummingbird says the money raised from the share issue will be used to clear away the rest of the debt, giving the firm some flexibility to make acquisitions.

(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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