Open Text Corporation (NASDAQ:OTEX) (TSX:OTC) and Vignette Corporation (NASDAQ:VIGN) announced that they have entered into a definitive agreement pursuant to which Vignette will become a wholly owned subsidiary of Open Text. Vignette shareholders will receive US $8.00 in cash plus 0.1447 of an Open Text common share for every Vignette common share which equates to approximately US $12.70 at close of market on May 5, 2009. This represents a premium of approximately 74% above the 30 trading day average closing price of Vignette‘s shares and approximately 41% above the most recent closing price. This values the transaction at approximately US $310 million. The transaction is expected to close in the second half of calendar 2009 and is subject to customary closing conditions, including approval by Vignette‘s shareholders, Hart-Scott-Rodino anti-trust clearance, Securities and Exchange Commission clearance and stock exchange approvals. http://www.vignette.com, http://www.opentext.com/