Open Text, Vignette merger cleared by CFIUS; shareholder OK needed

By Lisa Kerner

Charlotte, N.C., July 9 - The Committee on Foreign Investment in the United States granted its clearance in the proposed merger of Open Text Corp. and Vignette Corp., it was announced on Thursday.

Open Text agreed to acquire Vignette in a cash-and-stock transaction valued at approximately $317 million based on the closing price of Open Text common stock on Wednesday.

Vignette shareholders will receive $8 in cash plus 0.1447 of an Open Text common share for every Vignette common share held, according to an Open Text news release.

As previously reported, Vignette stockholders will vote on the merger at a meeting on July 21.

The Hart-Scott-Rodino waiting period in the merger ended in June.

Austin, Texas-based Vignette sells software for managing and delivering content.

Open Text, located in Waterloo, Ont., develops, markets, sells, licenses and supports enterprise content management solutions primarily in North America and Europe.

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