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February 2, 1999

PC DOCS FACES ANOTHER UNSOLICITED TAKEOVER BID

By CBR Staff Writer

PC Docs Group International Inc, the Canadian document management software house, which last month rejected an unsolicited merger proposal from Open Text Corp, is now facing another unwanted suitor. The company confirmed Tuesday that it has received an unsolicited proposal from Solution 6 Holdings Ltd, an Australian provider of accounting and legal software. The company says it had been in confidential discussions over the past year with Solution 6 concerning a deal that would have seen PC Docs acquiring the Australian company. PC Docs says now that, after due diligence, it decided not to proceed with the deal, and told Solution 6 of its decision last week, at which point all discussions were terminated. A special advisory committee of the company’s board of directors will meet in due course to consider the proposal and the advice of PC Docs’ financial advisors. In December, PC Docs’ board rejected the overtures from Open Text, saying the $110m all-share offer was coercive in nature and woefully deficient in value.

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