Open Text Bids for Hummingbird as Microsoft, Oracle, and SAP Target ECM (AMR)

Open Text is acquiring enterprise content management (ECM) rival Hummingbird, in a rapid response to an earlier bid by private equity firm Symphony Technology Group. At $1 per share above the Symphony offer, the Open Text bid is valued at $483.5M and will likely get the support of Hummingbird shareholders, though the board recommendations so far advise them to “take no action.”