Friday, Open Text Corp. (OTEX), an enterprise content management solutions provider, said that it received clearance from the Securities and Exchange Commission for the acquisition of web content management company Vignette Corp.(VIGN) under a cash and stock deal worth approximately $323 million.
Additionally, Open Text said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on Wednesday June 17, 2009, and a special meeting of the Vignette stockholders to approve the transaction has been set for July 21, 2009.
The definitive merger agreement was announced on May 6, under which the Waterloo, Canada-based Open Text agreed to acquire Vignette in a mix of cash and Open Text common stock. Vignette shareholders would receive US$8.00 in cash plus 0.1447 of an Open Text common share for every Vignette common share. Based upon the closing price of Open Text common stock on June 18, 2009, the purchase price amounts to approximately $323 million.
Commenting on the acquisition, John Shackleton, president and chief executive officer of Open Text, stated, "Vignette's customers represent some of the world's most powerful online brands and we are excited about the opportunity to expand the relationship with these customers and partners."
OTEX is down $0.31 or 0.85% and is trading at $35.98 on a volume of about 53 thousand shares.
VIGN is trading at $13.09, down $0.05 or 0.38%, on a volume of about 84 thousand shares.
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