Micro Focus shares nearly double after Canada's OpenText agrees $6 bln takeover

 

Shares of Micro Focus (MCRO.L) soared more than 90% on Friday after Canadian software company OpenText (OTEX.TO), agreed to buy the enterprise software maker in an all-cash deal valuing the British company at $6 billion including debt.

In a push to expand its enterprise information management business, OpenText said on Thursday it would pay 532 pence ($6.30) in cash for each Micro Focus share, a 98.7% premium over Micro Focus's closing price on Thursday, giving the company a market capitalization of about $2 billion.

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