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Vignette to Buy OnDisplay

May 23, 2000|Bloomberg News

Vignette Corp., a maker of customer service software for American Express Co. and others, agreed to buy OnDisplay Inc. for about $1.7 billion in stock to expand its products and add clients in business on the Internet. Vignette will swap 1.58 shares, valued at $69.22, for each OnDisplay share, a 30% premium to Friday's closing price. Shares of Austin, Texas-based Vignette dropped $8.94 to close at $34.88, while OnDisplay, based in San Ramon, Calif., closed up 88 cents at $54.13, both on Nasdaq. OnDisplay's software lets suppliers and distributors exchange information on the Internet, and Vignette's helps companies provide customer service to online clients.

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