Sales & Marketing
Training & Development
PCs & Servers
Imaging & Printing
Hummingbird negotiating sale to Open Text
Jul 24, 2006 10:20 AM
Canadian software maker Hummingbird said Friday it was negotiating a takeover offer of US$485.1 million from rival Open Text.
TORONTO - Canadian software maker Hummingbird said Friday it was negotiating a takeover offer of US$485.1 million from rival Open Text.
Hummingbird, whose board is still recommending an alternative bid from Symphony Technology Group, said it has agreed to provide Open Text with access to non-public information.
The new offer being negotiated would value Hummingbird at US$27.85 per share. Earlier this month, Open Text had bid US$27.75 a share, or about US$483.4 million, for the company.
The non-disclosure agreement contains standstill provisions that prevent Open Text from acquiring Hummingbird at a price of less than US$27.85 per share in cash prior to October 31 without the approval of Hummingbird's Board, the company said.
Hummingbird said it planned to adjourn to Aug. 18 a shareholders meeting scheduled for Friday that had been due to discuss the Symphony bid "in order to ensure that shareholders have as much relevant information as possible about the alternatives."
Symphony had offered US$26.75 per Hummingbird share in a deal that would be worth some US$466 million.
Hummingbird said uncertainty about the status of the Open Text offer meant that its board continues to recommend that shareholders vote in favor of a lower takeover offer by Symphony Technology Group, although it would "revisit this recommendation from time to time."
(Additional reporting by Christopher Kaufman in New York)
Copyright 2006 Reuters.
Follow us on
Copyright © 2010 Network IT Week
Microsoft adds four new features to Windows 10
Teaching coding to the poor can end inequality
Two-factor authentication coming in Windows 10
Lenovo rumoured to be acquiring BlackBerry
EMC launches budget all-flash array via Ingram and Avnet
Australian says he is bitcoin inventor
Two Oracle partners jointly launch JD Edwards on cloud
Google restructures to pay more tax in Australia
Hills Limited secures $51 million in new financing
Send us your tips
You must be a registered member of CRN to post a comment.
Click here to login
Click here to register
SMS chief falls on sword, 100 staffers gone
Chairman: "performance has been disappointing".
Michael Dell reveals new name for merged Dell-EMC
Bringing Dell, EMC, VMware, RSA and more under one banner.
Dell and EMC to merge partner programs
Roadmap revealed at EMC World.
Sign up to receive CRN email bulletins
Here are the top 50 technology startups in Australia
How to choose the right Australian data centre
AWS launches 80TB 'cloud suitcase' in Australia
How to steal $100 million with a fake email
Symantec CEO steps down
Powered by Disqus
Meeting which tech founder would leave you most starstruck?
Larry Page / Sergey Brin
view previous polls »
Powered by Disqus
CRN Magazine looks in-depth at the emerging issues and developments for the channel, and provides insight, analysis and strategic information to help resellers better run their businesses.
What's in this issue?
Most popular tech stories
7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero
Turn your website into an app for free
How do I make sure my email is properly synced between all my computers?
Do you know these 12 eBay tips?
Tip: Your shop can use a smartphone instead of an EFTPOS terminal
Photos: A look inside an NBN exchange
Rio Tinto IT tool unearths millions in prized iron ore
Photos: Carsales staff hack the way they work
TPG buying highest speed NBN wholesale services
Gumtree hacked, user details stolen
Top 25 fantasy games of all time
How to: How much RAM do you really need?
Review: Dell's XPS 15 is on the best Windows 10 laptops we've seen
Top 15 obscure video game consoles for collectors
Australian Productivity Commission says rights holders have too much power over our media
There has never, ever been a better time to be a PC gamer
3 reasons why Mafia III is the most daring series entry yet
Star Wars original trilogy heroes and villains
A mob of Mafia III screenshots
10 reasons to check out anti-space-sim No Man’s Sky
PC & Tech Authority
nextmedia Pty Ltd
. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of nextmedia's
Terms & Conditions
Login to CRN
Email or Username:
* Email or Username required
* Password required
Forgot your password?
Don't have an account? Register now!
To request a
, enter the email address linked to your CRN account and we'll send one to you.
* Email required
* Invalid Email address
* Invalid Email address
Click here to return to Login Form
comments powered by Disqus.