OpenText To Acquire Actuate; Total Equity Value Of Deal, Approx. $330 Mln

(RTTNews) - OpenText Corp. (OTEX, OTC.TO) announced a definitive agreement to acquire Actuate Corp. (BIRT) - The BIRT company. Under the terms, 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 intends to commence a tender offer for all of the shares of common stock of Actuate within 7 business days. The tender offer will be followed by a merger to acquire any untendered shares.