PC DOCS to Open Text: "Thanks, but no thanks"

Citing unacceptable and one-sided terms, PC DOCS has flatly rejected Open Text's unsolicited offer to merge companies.

The proposal offered an unacceptable exchange ratio, opportunistic and one-sided terms, and little perceived value for PC DOCS shareholders, stated PC DOCS board chairman Benjamin Swirsky. PC DOCS marketing VP Michael O'Connor Clarke added that the company is more interested in ongoing business including further product development, vertical market expansion, and an upcoming user conference.

According to The Delphi Group, PC DOCS is still "an attractive acquisition candidate" with solid document management technology and a relatively small market valuation. Clarke agreed that convergence in the document management market will continue, but said "we don't need to tie the knot to continue to lead.