OpenText To Buy Actuate For $330 Mln

(RTTNews) - OpenText Corp (OTC.TO), a leader in Enterprise Information Management, Friday agreed to buy Actuate Corp (BIRT), the leader in personalized analytics and insights.

Under the terms of the agreement, which has been approved by the boards of directors of both companies, a newly formed, wholly-owned subsidiary of OpenText will commence a tender offer for all outstanding shares of Actuate for $6.60 per share in cash, for a total equity value of approximately $330 million, less Actuate's cash, for an enterprise value of approximately $272 million. OpenText will fund the acquisition with cash on hand.

OpenText intends to commence a tender offer for all of the shares of common stock of Actuate within 7 business days.

Under the agreement, the tender offer will be followed by a merger to acquire any untendered shares. The tender offer is subject to the tender of a majority of Actuate's shares and certain other customary closing conditions. It is expected that the transaction will close in the third quarter of OpenText's fiscal 2015.