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Open Text to acquire Burntsand Inc |
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Enterprise content management company Open Text has signed an agreement to acquire Burntsand Inc., a company that delivers technology consulting services for customers with complex information processing and management needs.  In a statement, Burntsand Inc. said the definitive agreement with Open Text Corporation, a company that provides Enterprise Content Management (ECM) capabilities, will see Open Text acquire all issued and outstanding common shares of the company through a shareholder approved amalgamation with a subsidiary of Open Text under the Canada Business Corporations Act. According to the the terms of the agreement, Burntsand shareholders will receive CDN $0.15 in cash for each common share, a premium of around 100 percent on the 30 day average closing price of the company's common shares. The transaction is valued at approximately CDN $11 million.Burntsand delivers technology consulting services for customers with complex information processing and management requirements in three practice areas - Enterprise Content Management, Collaboration and Service Management. The Toronto-headquartered company's President and CEO Martin Glover said Burntsand's customers would benefit from the vision of the combined companies “to provide a broader and deeper range of industry solutions in the future.” The transaction is expected to close in the second calendar quarter, subject to customary closing conditions, including approval by not less than two thirds of the votes cast by Burntsand's shareholders. A special meeting of Burntsand's shareholders would consider the amalgamation on May 27. Burntsand would be liable to pay Open text a termination fee in certain circumstances if the amalgamation does not go through. |
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