Upgrade to SI Premium - Free Trial

Synopsys (SNPS) and ANSYS (ANSS) Receive Notice from Chinese Regulator the Deal is Below the Chinese Merger Notification Thresholds

May 16, 2024 9:09 AM
(Updated - May 16, 2024 9:09 AM EDT)

As previously announced on January 15, 2024, Synopsys (NASDAQ: SNPS), entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Synopsys, ANSYS, Inc., a Delaware corporation (NASDAQ: ANSS), and ALTA Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Synopsys (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub will merge with and into Ansys (the “Merger”), with Ansys surviving the Merger as a wholly owned subsidiary of Synopsys.

On May 14, 2024, Synopsys received a notice from the State Administration for Market Regulation of the People’s Republic of China, which acknowledges Synopsys’ contemplated acquisition of Ansys is below the Chinese merger notification thresholds set by the State Council but takes the position that Synopsys is required to notify the transaction. At this time, Synopsys is coordinating with Ansys on next steps. The transaction is anticipated to close in the first half of 2025, subject to approval by Ansys shareholders, the receipt of required regulatory approvals and other customary closing conditions.

Categories

8K Corporate News Hot Corp. News Hot M&A Mergers and Acquisitions

Next Articles