MSC.Software receives 'superior' proposal, plans to end Symphony deal

By Lisa Kerner

Charlotte, N.C., Sept. 9 - MSC.Software Corp. said a private equity firm's offer to buy the company for $8.00 cash per share is superior under MSC's July 7 merger agreement with Maximus Holdings Inc., a wholly owned subsidiary of Symphony Technology Group.

Symphony agreed to acquire all of the issued and outstanding shares of MSC for $7.63 per share in cash in a deal valued at about $360 million, according to an MSC news release.

MSC said it notified Symphony that it intends to terminate its agreement with Symphony in order to enter into an agreement with the private equity firm.

Symphony has five business days to make a responsive offer.

On Tuesday the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of MSC and Symphony.

MSC is a Santa Ana, Calif., simulation software company.

Symphony Technology Group is a strategic private equity firm based in Palo Alto, Calif.

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