UPDATED: 10/17/2008

Target: Captaris (CAPA) - Captaris Inc (CAPA) is a business automation software developer.

Buyer: Open Text Corp (OTEX) - mainly a content management software developer.
Notes:

Orig. Announced: 9/4/2008
Deal: $4.80/sh cash.
Currently trading at: $4.70
Arb spread: $0.10.

Analysis:
These numbers do not look that great to me. I will watch, but mostly ignore this one.
Backstory:
In March 2008, Captaris rejected [...]