Hummingbird recommend taking no action yet
The Board of Directors of Hummingbird has acknowledged the formal commencement of an unsolicited offer from a wholly-owned subsidiary of Open Text Corporation to purchase all of the outstanding common shares of Hummingbird not currently owned by Open Text and its affiliates for US$27.75 per share. The Hummingbird Board, in consultation with its financial and legal advisors, will thoroughly evaluate the Open Text offer. After this evaluation, the Hummingbird Board will issue a Directors’ Circular and a related Solicitation/Recommendation Statement on Schedule 14D-9F that will contain important information, including the Board’s recommendation to shareholders with respect to the Open Text offer. Hummingbird advises shareholders to defer making any determination with respect to the Open Text offer until reading the Directors’ Circular. The Directors’ Circular will be available on or before July 25, which would appear to be 4 days after a special meeting of Hummingbird shareholders to consider the Symphony Technology Group for an all-cash transaction valued at US$26.75 per share.