Open Text Acquires Over 88% Of Microstar Shares
Open Text Extends Offer To Acquire Microstar Software
Waterloo, ON - 1999-09-03 - Open Text Corporation (NASDAQ: OTEX, TSE: 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.
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previously scheduled to expire on September 2, 1999, will now expire at 12:00 midnight on September 17, 1999, unless withdrawn or extended.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 and XML. Microstar s technology expertise includes the development of XML and SGML tools such as Near & Far® Designer and the Ælfred XML parser. The company is listed on the Toronto Stock Exchange (MSS). Information about Microstar Software Ltd. is available on the World Wide Web at http://www.microstar.com.
Release Disclaimer
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. This news release may contain forward-looking statements relating to the deployment of Livelink by customers, and future performance of Open Text Corporation. Forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company s customers and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC), including the final prospectus for the company s initial public offering of common stock in January 1996, Form 10-K for the years ended June 30, 1997 and June 30, 1998, and Form 10-Q for the quarters ended September 30, 1998, December 31, 1998 and March 31, 1999. Forward-looking statements are based on management s beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management s beliefs or opinions change.
For more information, please contact
Gillian Brouse
Investor Relations
Reid-Eddison Inc.
(613) 230-1863
gillian@reideddison.com
Microstar Inc.
(613) 596-2233
ir@microstar.com
Margaret E. Dobbin
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com
Sarah Burns
High Road Communications
(416) 368-8348
sburns@highrd.com