Captaris to consider shareholder's $4.75-per-share offer

By Lisa Kerner

Charlotte, N.C., March 18 - Captaris, Inc. acknowledged receipt of Vector Capital's unsolicited offer to acquire all of the company's outstanding shares for $4.75 per share.

A special committee of independent board members will evaluate the proposal as part of its evaluation of strategic alternatives, a company news release said.

RBC Capital Markets and Credit Suisse are acting as financial advisers to Captaris.

Captaris chairman Bruce L. Crockett said the board of directors will consider Vector Capital's proposal along with all other proposals developed during the review process.

Vector Capital's $4.75-per-share offer price is a 36.1% premium to Captaris' closing price on March 14, according to a prior news release.

As previously reported, the offer includes a 30-day go-shop period and break-up fee concessions. It is contingent on Captaris entering into a definitive agreement with the equity firm before April 4.

The offer is open until 5 p.m. ET on March 21.

Vector Capital, a 10.2% shareholder, said Captaris is using the strategic review process as a delaying tactic and questioned the company's commitment to completing the process "expeditiously."

Captaris, based in Bellevue, Wash., develops software products that manage documents electronically and automate business processes.

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