OpenText (TSX: OTC, Stock Forum) seriously added to its analytic arsenal when the company announced today that it had entered into a definitive agreement to purchase Actuate Corporation (NASDAQ: BIRT, Stock Forum) – The BIRT Company™.
According to the news release, the agreement outlines a transaction where newly formed, wholly-owned subsidiary of OpenText will place an offer for all outstanding shares of Actuate at $6.60 per share cash, creating a total equity value of approximately $330.0 million.
The company intends to commence its offer for all the shares of common stock of Actuate within seven business days and will fund the transaction with cash on hand.
The offer, although approved by both boards, is still subject to Actuate shareholder approval and certain other customary closing conditions.
OpenText was in the news recently when the Waterloo, Ontario-based company announced three days ago that Esprinet S.p.A., had selected OpenText Managed Services for its e-commerce platform.
Traders ran headlong for Actuate, driving up shares 87.29% to $6.555 per share.
Shares in OpenText gained 2.60% on the news to $67.81 per share.
Currently there are 121.8m outstanding OpentText shares with a market cap of $8.3 billion.