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Open Text Gets SEC Clearance On Acquisition

The Associated Press

AUSTIN, Texas (AP) — Canadian corporate software maker Open Text Corp. said Friday that the Securities and Exchange Commission has cleared the way for its $323 million acquisition of Vignette Corp.

Vignette, which makes software for managing content online and in corporate networks, will hold a special shareholders meeting on July 21 to approve the cash-and-stock deal.

An antitrust waiting period related to the transaction has also expired.

The deal, which was announced in May, will make Vignette a wholly owned subsidiary of Open Text.

The acquisition is expected to close in the second half of the year.

Shares of Open Text fell 12 cents to $36.17 in morning trading, while Vignette's stock was flat at $13.14.