Synopsys – SNPS – Regulatory approval in Taiwan to acquire SpringSoft
Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP used in the design, verification and manufacture of electronic components and systems, announced that it has obtained regulatory approval in Taiwan to acquire SpringSoft, Inc. In addition, greater than 51 percent of the outstanding shares of SpringSoft have been tendered. By meeting these two milestones, Synopsys expects to complete the tender offer and take a controlling interest in SpringSoft as of October 1, 2012.
“We appreciate the support we’ve received from regulators and SpringSoft shareholders, as Synopsys increases its investments in Taiwan,” said Chi-Foon Chan, president and co-CEO of Synopsys. “Combining the expertise, resources and innovations of both companies will accelerate critical initiatives in verification and custom implementation to serve the needs of designers worldwide.”
Having obtained regulatory approval and exceeded the minimum tender requirement, Synopsys is obligated to close the tender offer after the tender offer period expires on September 24, 2012. The final number and percentage of tendered shares will be determined on that date. By obtaining a controlling interest, Synopsys will consolidate SpringSoft’s financials as of October 1, 2012.
The tender offer for SpringSoft common shares will continue until 3:30 p.m. on September 24, 2012, Taiwan time.
On August 3, 2012, Synopsys and SpringSoft signed a definitive agreement for Synopsys to acquire SpringSoft. When closed, the acquisition will increase Synopsys’ investment in Taiwan by growing Synopsys’ local engineering expertise, technology development capabilities and customer support.
About Synopsys – SNPS
Synopsys, Inc. (SNPS) is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. SNPS’s comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, system-to-silicon verification and time-to-results. These technology-leading solutions help give SNPS customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. SNPS is headquartered in Mountain View, California, and has approximately 70 offices located throughout North America, Europe, Japan, Asia and India.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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