So I read that Open text has agreed to buy Hummingbird Ltd for $27.75 a share. The price of Hummingbird closed at $31.04 a share today. I've read that acquisitions were a good thing. But in this case, since they're buying Hummingbird for less than what the share is worth today, wouldn't it drive the share price down? And conversely, would Open Text shares go up?
Note that purchase price is US$27.85; the closing price you saw, $31.04, was in Canadian dollars. HUMC was above US$28 that day but dropped as word of the buyout git out. It's not unusual for speculators to bid the share price above what any buyer intends to pay. If the shareholders are annoyed enough, they'll vote against the buyout and/or sue.