Proxy advisory firms back merger of Captaris, Open Text

By Lisa Kerner

Charlotte, N.C., Oct. 21 - Captaris, Inc. said three leading proxy advisory firms believe the company's merger with Open Text, Inc. is in the best interests of Captaris shareholders.

According to Captaris, RiskMetrics Group/ISS, Glass Lewis & Co. and Proxy Governance, Inc. recommend that Captaris' shareholders vote for the proposed merger at the special meeting at noon ET on Oct. 31.

Record date for the meeting is Sept. 30, a Captaris news release said.

In September, Open Text announced that its subsidiary entered into an agreement to acquire Captaris for $4.80 per share, or a total of approximately $131 million.

Captaris' software products enable customers to convert paper documents to digital content. The company is based in Bellevue, Wash.

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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