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UPDATE: PC DOCS snubs Solution 6 merger offer

UPDATE: PC DOCS snubs Solution 6 merger offer

Solution 6 Holdings' proposed acquisition of Canadian-based document and knowledge management company PC DOCS is in deep water today, with PC DOCS officials claiming the offer is "unsolicited and opportunistic".

Darren Adams, managing director of PC DOCS' Australian operation, said it was "interesting" that Solution 6 sent their proposal only a week after PC DOCS terminated year-long secret discussions on the possible acquisition of Solution 6 by PC DOCS.

However, he said his company was under obligation to consider all proposals, even though he didn't believe Solution 6's proposal will be accepted by PC DOCS' Board of Directors, which rejected a higher bid made by its competitor Open Text last December.

Solution 6 proposed to offer PC DOCS shareholders 4.35 of its shares for every PC DOCS share, based on Solution 6's $1.67 ASX closing price on January 29.


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