Synopsys Completes Major Steps Toward Acquisition of SpringSoft, Inc.
MOUNTAIN VIEW, Calif., Sept. 19, 2012 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP used in the design, verification and manufacture of electronic components and systems, announced today 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. Shareholders who have questions regarding the Tender Offer should contact their broker or the Taiwan agent for the tender offer, Yuanta Securities Co., Ltd. at (886)(02)2586-5859, or visit the website: http://www.yuanta.com.tw/
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.
Synopsys, Inc. (Nasdaq: 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. Synopsys' 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 Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has approximately 70 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at www.synopsys.com.
Safe Harbor Statement/Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements regarding the expected closing of our acquisition of SpringSoft, expected timing of Synopsys obtaining a controlling interest in SpringSoft, expected financial and other benefits of the proposed transaction, and expected integration of SpringSoft's product offering. Forward-looking statements are subject to both known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, and that are outside our control. These risks and uncertainties include, among others: the ability of the parties to consummate the acquisition in a timely manner or at all; the approval of the follow-on merger in a timely manner or at all; foreign exchange fluctuations; the possibility of litigation (including relating to the transaction itself); the effect of the announcement of the transaction on Synopsys' and SpringSoft's respective businesses, including possible delays in customer orders; our ability to operate or integrate SpringSoft's business and technologies with our own successfully, including controlling or reducing SpringSoft operating expenses and managing any potential loss of customers, key employees, partners or vendors; and uncertain customer demand and support obligations for new or combined offerings. Other risks and uncertainties that may apply are set forth in the Risk Factors section of our most recently filed Quarterly Report on Form 10-Q. Synopsys assumes no obligation to update any forward-looking statement contained in this press release.
Lisa L. Ewbank
SOURCE Synopsys, Inc.