Hummingbird set to finalise PC Docs Group buy
- 19 May, 1999 13:05
Hummingbird Communications' $US208.34 million takeover bid of PC Docs International, announced in March, is set to become final this week.
The deal called for Canada-based Hummingbird to pay $US7.51 per share for PC Docs common shares, by the end of yesterday. The Hummingbird deal values PC Docs at about $C305 million -- about 30 percent, or $C2.50 per share, more than a rival bid by Open Text.
Open Text last week announced that it was withdrawing its bid, as a result of what it said was its inability to obtain from PC Docs the non-public information it needed to fully evaluate PC Docs' business. Open Text said that PC Docs failed to provide Open Text with the information, despite the fact that the two companies had entered into a confidentiality agreement that allowed them to share non-public information.
Meanwhile, the Hummingbird acquisition will move ahead this week, according to the company. The closing of the deal depends on 66.66 per cent of all PC Docs outstanding shares being tendered, as well as regulatory approval.
PC Docs specialises in developing document management software, and comprises the Fulcrum, CMS/Data and CompInfo subsidiaries. Hummingbird specialises in network connectivity and business intelligence software.
PC Docs http://www.pcdocs.com