Open Text Acquires Over 88% of Microstar Shares; Open Text Extends Offer To Acquire Microstar Software.WATERLOO, Ontario--(BUSINESS WIRE)--Sept. 3, 1999-- Open Text(TM) Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OTEX OTEX Open Text Corporation (stock symbol) OTEX Orientation Technico-Economique de l’Exploitation ; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) today announced that all of the conditions of the take-over bid for Microstar Software Ltd. (TSE:MSS) have been satisfied or waived. By Thursday night, September 2, 1999, approximately 2,905,000 Microstar common shares, representing approximately 88.6% of Microstar's issued and outstanding share capital, were deposited pursuant to the take-over bid. All of the deposited Microstar common shares have been taken up and paid for by Open Text, through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . In an effort to obtain at least 90% of Microstar's issued and outstanding common shares, Open Text has extended the take-over bid. In accordance with a Notice of Extension dated September 2, 1999, the bid, which was previously scheduled to expire on September 2, 1999, will now expire at 12:00 midnight on September 17, 1999, unless withdrawn or extended. Withdrawal rights, for Microstar shares that have not been taken up and paid for by Open Text, will be extended to September 17, 1999. About Microstar Microstar Software Ltd. provides structured information management solutions comprised of technology and services for Global 2000 companies. These solutions enable Microstar's customers to effectively and economically create, manage and distribute their corporate knowledge assets. The company is recognized for its innovative standards-based solutions based on SGML SGML in full Standard Generalized Markup Language Markup language for organizing and tagging elements of a document, including headings, paragraphs, tables, and graphics. and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. . Microstar's technology expertise includes the development of XML and SGML tools such as Near & Far(R) Designer and the AElfred XML parser. The company is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (MSS). Information about Microstar Software Ltd. is available on the World Wide Web at http://www.microstar.com. About Open Text Open Text has pioneered the development of intranet, extranet and corporate portal solutions that allow organizations to innovate at a consistently faster rate. We call it HyperInnovation(TM) and it is already a major factor in the success of more than 3,600 companies around the world. Open Text has become the largest supplier of collaborative Web-based solutions for the enterprise with over 3 million users in 31 countries and 12 languages throughout the world. Recent studies by International Data Corporation and the Delphi Group found Open Text to be the leader in both installed base growth and market share. Further information about the company and its solutions can be found at www.opentext.com. Copyright (c) 1999 by Open Text Corporation. Livelink is a registered trademark of Open Text Corporation. Open Text and HyperInnovation are trademarks of Open Text Corporation. Microstar and Near and Far are registered trademark of Microstar Software Ltd. All other trademarks are the property of their respective companies. |
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