Ramius sells 1.7 million shares of Captaris ahead of merger with Open Text

By Lisa Kerner

Charlotte, N.C., Oct. 14 - Captaris, Inc. investors led by Ramius Value and Opportunity Master Fund Ltd. sold 1,703,325 shares between July 23 and Sept. 10 at prices from $3.3272 to $4.68 each, according to a schedule 13D filed with the Securities and Exchange Commission.

Ramius and its affiliates beneficially own 972,976 shares or 3.7% of the Bellevue, Wash.-based Captaris.

On Sept. 4, Open Text Corp. announced that its subsidiary entered into an agreement to acquire Captaris for $4.80 per share, or a total of approximately $131 million.

The agreement follows an evaluation of strategic alternatives by Captaris' board of directors, it was reported previously.

Captaris' software products enable customers to convert paper documents to digital content.

Open Text, located in Waterloo, Ont., develops, markets, sells, licenses and supports enterprise content management solutions primarily in North America and Europe.

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