The game continues:
Open Text denied access to PC DOCS data and withdraws bid
WATERLOO, ON, May 13 /CNW/ - Open Text Corporation (NASDAQ:OTEX, TSE:OTC)
announced today that despite signing a confidentiality agreement with PC DOCS
(NASDAQ: DOCS, TSE: DXX), it was unable to obtain access to any of the
non-public information of PC DOCS that has already been provided to
Hummingbird Communications Ltd (NASDAQ: HUMC, TSE:HUM).
As part of its agreement with Hummingbird, PC DOCS must enter into a
confidentiality agreement with any competing bidder before providing that
bidder with access to the non-public information provided to Hummingbird. On
May 9, 1999, Open Text entered into a confidentiality agreement with PC DOCS,
which put PC DOCS and its Board of Directors in the legal position of being
able to provide Open Text with all non-public information previously provided
to Hummingbird. Open Text has not been allowed access to undertake their due
diligence which was a condition to the Open Text offer.
Tom Jenkins, CEO of Open Text, stated: ''Without access to PC DOCS
information we are unable to properly assess the value of PC DOCS to Open Text
Corporation. Therefore we are unable to properly assess PC DOCS value and we
intend to withdraw our bid.''
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