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News Breaks
January 24, 2014
07:04 EDTOTEXOpen Text price target raised to $120 from $110 at RBC Capital
RBC Capital increased its price target on Open Text after the company reported stronger than expected results. The firm thinks that investors are becoming more upbeat about the company's model ,and it keeps an Outperform rating on the shares.
News For OTEX From The Last 14 Days
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December 16, 2014
09:02 EDTOTEXOpen Text commences tender offer forActuate
Open Text (OTEX) announced that its wholly-owned subsidiary, Asteroid Acquisition Corporation, has commenced its previously announced tender offer for all outstanding shares of common stock of Actuate (BIRT), including the associated preferred stock purchase rights issued under the Rights Agreement, at a price of $6.60 per share. The tender offer is scheduled to expire at 9:00 A.M., New York City time, on Friday, January 16, unless the offer is extended or earlier terminated.
December 15, 2014
17:20 EDTOTEXOpen Text reports 11.9% stake in Actuate
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December 5, 2014
16:36 EDTOTEXOn The Fly: Closing Wrap
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09:02 EDTOTEXActuate to be acquired by Open Text in deal with equity value of $330M
Actuate Corporation (BIRT) announced that it has entered into an agreement to be acquired by OpenText (OTEX). Under the terms of the merger agreement, an affiliate of OpenText will commence a tender offer to the Actuate stockholders to purchase any and all shares of common stock they hold for $6.60 in cash per share. The purchase price represents an approximately 89% premium to the closing price of Actuate common stock on December 4, 2014, and an equity value of approximately $330M. The addition of Actuate enables OpenText to enhance their products with embedded analytics as well as enter a growing market. Together Actuate and OpenText will seek to extend the benefits of embedded analytics to more geographies and industries. Industry research indicates embedded analytics is increasing in its importance. Embedded analytics turns information into intelligence by providing users with relevant, actionable insights delivered within the context of the application. This adds substantial value for companies embedding analytics into applications to help drive better customer engagement and improved decision making. The Board of Directors of Actuate has unanimously approved the transaction. The transaction is expected to close in 1Q15, subject to Actuate stockholders tendering a majority of Actuate’s outstanding shares pursuant to the tender offer and other customary closing conditions, including regulatory approvals.
09:01 EDTOTEXOpen Text agrees to acquire Actuate for $6.60 per share
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