Open Text Denied Access To PC Docs Data And Withdraws Bid

Waterloo, ON - 1999-05-13 - Open Text Corporation (NASDAQ:OTEX; TSE:OTC), announced today that despite signing a confidentiality agreement with PC DOCS (NASDAQ: DOCS, TSE: DXX), it was unable to obtain access to any of the non-public information of PC DOCS that has already been provided to Hummingbird Communications Ltd (NASDAQ: HUMC, TSE:HUM).

As part of its agreement with Hummingbird, PC DOCS must enter into a confidentiality agreement with any competing bidder before providing that bidder with access to the non-public information provided to Hummingbird. On May 9, 1999, Open Text entered into a confidentiality agreement with PC DOCS, which put PC DOCS and its Board of Directors in the legal position of being able to provide Open Text with all non-public information previously provided to Hummingbird. Open Text has not been allowed access to undertake their due diligence which was a condition to the Open Text offer.

Tom Jenkins, CEO of Open Text, stated: "Without access to PC DOCS information we are unable to properly assess the value of PC DOCS to Open Text Corporation. Therefore we are unable to properly assess PC DOCS value and we intend to withdraw our bid."

Release Disclaimer

Livelink is a registered trademark and Open Text, HyperInnovation, Toward HyperInnovation and MyLivelink are trademarks of Open Text Corporation. All other trademarks are the property of their respective companies.