Open Text Corp. (OTEX, OTC.TO) said Tuesday that its subsidiary, Asteroid Acquisition Corp., has commenced its tender offer for all outstanding shares of common stock of Actuate Corp. (BIRT), including the associated preferred stock purchase rights issued under the Rights Agreement, at a price of US$6.60 per share.
The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of December 5, by and among OpenText, Asteroid Acquisition and Actuate.
The Actuate board of directors has unanimously determined that the offer is advisable, fair to and in the best interests of Actuate's stockholders and unanimously recommends that the Actuate stockholders accept the offer and tender their shares.
The tender offer is scheduled to expire at 9:00 A.M., New York City time, on January 16, 2015, unless it is extended or earlier terminated.
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