- 23% to the closing price per share of the Company's common stock on June 2, 2017;
- 27% to the volume-weighted average trading price per share of the Company's common stock for the 30-day period ending on June 2, 2017; and
- 46% to the cash-adjusted price per share of the Company's common stock for the 30-day period ending on June 2, 2017 (the cash-adjusted calculation deducts the Company's cash and cash equivalents of $33 million, or $0.79 per share, as of March 31, 2017, from both its current share price and from the total value of the merger consideration in order to better measure the premium being offered).
The Board unanimously approved Open Text's offer, which included the approval of three new directors appointed to the Board within the last year after negotiations with certain activist shareholders. The proposed merger has been evaluated by Institutional Shareholder Services, Glass, Lewis & Co. and Egan-Jones, who recommend shareholders vote "For" the acquisition of Covisint by Open Text.About Covisint Corporation Covisint is the connected company - we securely connect ecosystems of people, systems and things to enable new service offerings, optimize operations, develop new business models and ultimately enable the connected economy. Today, we support more than 2,000 organizations and connect to more than 212,000 business partners and customers worldwide. Learn more at www.covisint.com. Follow us:
Investor Relations Contact866-319-7659 email@example.comMedia ContactBrad Schechter, Vice President, Corporate Marketing248firstname.lastname@example.orgFor Sales and Marketing InformationCovisint Corporation, 26533 Evergreen Road, Suite 500, Southfield, MI 48076, 800-229-4125http://www.covisint.com