Micro Focus expects takeover by OpenText to complete next week

(Alliance News) - Micro Focus International PLC on Friday said its proposed takeover by Open Text Corp is expected to complete on Tuesday next week, after the High Court of Justice in England & Wales approved the transaction for the entire share capital of Micro Focus.

The Berkshire, England-based global enterprise software firm said it follows the agreement reached with Open Text in late August, with no material changes to the expected timetable for events relating to the acquisition, as announced on December 22.

Micro Focus said applications have been made to suspend trading of its shares on the London Stock Exchange and on the New York Stock Exchange, expecting to take effect before trading on the day of its takeover.

On Thursday, FTSE Russell informed Micro Focus it will be deleted from the FTSE 250 index ahead of the takeover, to be replaced by Hunting PLC and effective from Micro Focus' takeover date.

Shares in Micro Focus were down 0.1% to 531.40 pence each in London on Friday before midday, shares in Hunting were up 1.5% to 338.04p each, while shares in Open Text closed up 2.9% to USD33.99 each in New York on Thursday.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Hunting