Open Text Completes Its Acquisition of Microstar Software Ltd.WATERLOO, Ontario--(BUSINESS WIRE)--Sept. 20, 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). ), the leading provider of collaborative knowledge management and corporate portal An internal Web site (intranet) that provides proprietary, enterprise-wide information to company employees as well as access to selected public Web sites and vertical-market Web sites (suppliers, vendors, etc.). solutions, today announced that it has taken up and paid for, through a wholly-owned subsidiary, 3,046,594 common shares of Microstar Software Ltd. (TSE:MSS) shares. This number of common shares represents 92.87% of Microstar's issued and outstanding share capital. The Microstar shares were deposited pursuant to an offer made by 3557855 Canada Inc., a wholly-owned subsidiary of Open Text, by way of a take-over bid circular dated August 12, 1999. In an effort to obtain at least 90% of Microstar's issued and outstanding common shares, Open Text extended the take-over bid, in accordance with a Notice of Extension dated September 2, 1999. The take-over bid was extended to 12:00 midnight on September 17, 1999. Having acquired more than 90% of the common shares of Microstar, Open Text will commence procedures to compulsorily acquire the remaining shares of Microstar. The compulsory acquisition is expected to be completed by early November 1999. Open Text intends to change the Microstar board of directors, shortly following the acquisition, by replacing current directors with Open Text nominees. 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 Software that reads an XML document, identifies all the XML tags and passes the data to the application. See XML processor. . 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. 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 trademarks of Microstar Software Ltd. All other trademarks are the property of their respective companies. |
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