April 17, 2018 / 2:28 PM / in 3 months

Blue Harbour CEO Robbins says Open Text could be acquired

(Reuters) - Activist hedge fund Blue Harbour Group LP CEO Cliff Robbins told a conference in New York on Tuesday that Canadian business information management software company Open Text Corp (OTEX.TO) could be acquired.

“There is potential for a strategic sale down the road,” Robbins said during a presentation at 13D Monitor’s Active-Passive Investor Summit, adding that there has been significant consolidation in the software sector.

Open Text shares rose 4 percent to $35.95 on Tuesday.

Robbins said that a company sale is “always possible in the software space.”

“I think the return opportunity is significantly higher than this,” referring to where Open Text shares were trading.

Blue Harbour owns a 3.49 percent stake in Open Text, according to Thomson Reuters data.

An Open Text spokeswoman declined to comment.

Reporting by Liana B. Baker and Svea Herbst in New York; Editing by Chizu Nomiyama and Phil Berlowitz

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