Deal on table should close 2H09
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…