Open Text Agrees To Acquire Actuate For $6.60 Per Share

Open Text Corporation (USA) OTEX announced on Friday that it has agreed to acquire Actuate Corp BIRT for $6.60 per share, valuing the company at $330 million.

Shares of Actuate closed Thursday at $3.50.

Open Text will commence a tender offer for all outstanding shares of Actuate for $6.60 per share in cash. The company plans on funding the acquisition with cash on hand and expects the transaction to close during its fiscal 2015 third quarter.

Open Text plans on bringing Actuate to the OpenText install-base, according to an investor presentation. Open Text adds that Actuate is "the leader in personalized analytics and insights," and that "Actuate is a well-established provider, with over 20 years of expertise."

Open Text expects the deal to be accretive to its fiscal 2015 earnings.