* To pay C$0.15 /shr
* Offer at 114 pct premium to Burntsand's Friday close
* Deal expected to close in Q2
* Burntsand shares rise 36 pct, Open Text falls 3 pct
April 26 Burntsand Inc BRT.TO, a Canadian
technology consultancy, agreed to be bought by Open Text Corp
(OTC.TO) (OTEX.O), a provider of business content management
software, for about C$11 million ($11 million).
Open Text will buy all Burntsand shares at 15 Canadian
cents apiece, which is a 114 percent premium to their closing
price Friday, and merge Burntsand with an Open Text unit.
The deal is expected to close in the second quarter and
Burntsand has agreed to pay a termination fee to Waterloo,
Ontario-based Open Text if the deal falls through, Burntsand
said in a statement.
Shares of Toronto-based Burntsand closed up 36 percent at
9.5 Canadian cents, while those of Open Text closed down over 3
percent at C$48.11 Monday on the Toronto Stock Exchange.
($1=1.000 Canadian Dollar)
(Reporting by Abhiram Nandakumar in Bangalore; Editing by