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Technology Open Text identified by hedge fund CEO as potential acquisition target

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 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.

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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.

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