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Technology Stocks : Open Text

OTEX 34.56

-3.9%

Nov 7 9:30 AM EST

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To: gc who wrote (729)	3/13/1998 5:11:00 PM
From: BACRDI	Read Replies (2) of 1195

Opinions please: Open Text To Use Special Wt Proceeds For 'General' Purposes By Scott Adams TORONTO --Open Text Corp. (OTEXF) will use the proceeds from a $36.5 million special warrant offering announced earlier Friday for "general corporate purposes," Thomas Hearne, Open Text's chief financial officer, said. Hearne wouldn't confirm that the company plans to use the proceeds for a large acquisition. Some company observers have speculated that Open Text is close to making one. A source who asked not to be identified told Dow Jones Friday that the company hopes to make an acquisition within about two weeks. As reported Friday, Open Text is selling 1.75 million special warrants at $20.85 each, for proceeds of $36.5 million. The company was sitting on $20.6 million in cash at the end of its latest quarter, Hearne added. Open Text has had a three-member team looking at acquisitions since last fall, a team that includes Stephen Sadler, an Open Text director and Geac Computer Corp.'s (T.GAC) vice-chairman in charge of acquisitions. Hearne wouldn't say what geographic areas or what technologies Open Text might be looking at.

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