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Open Text to take over Vignette

Deal on table should close 2H09

By CBR Staff Writer

Enterprise content management software supplier Open Text Corp wants to buy the rival web content software house of Vignette Corp in a deal worth $310 million.

The companies said they have reached a definitive agreement to merge, with Open Text prepared to pay a 74% premium on the 30 trading day average closing price for Vignette’s shares.

Vignette has had a couple of difficult years, and for its last full year the company reported in February that revenue had declined 11.6% to $169.55 million during 2008.

After a thorough evaluation of strategic and financial alternatives, the Vignette board of directors believes that today’s announcement provides attractive value for our shareholders, said Mike Aviles CEO of 700-strong Vignette. 

Before this Open Text bought Vizible Corp and Captaris Inc to flesh out its media and content management portfolio.

See Jason Stamper’s blog for more…

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