ANSYS & Apache Receive Early Termination of Hart-Scott-Rodino Waiting Period for Proposed Merger
Released : 26 Jul 2011
PITTSBURGH, July 26, 2011 /PRNewswire/ -- ANSYS, Inc. (NASDAQ: ANSS) today announced that the U.S. Department of Justice and Federal Trade Commission have issued early termination of the Hart-Scott-Rodino (HSR) waiting period for ANSYS' proposed acquisition of Apache Design Solutions, Inc. ANSYS currently expects to close the acquisition in the third quarter of 2011.
As previously announced, ANSYS and Apache have entered into a definitive merger agreement in which ANSYS will acquire Apache for a purchase price of approximately $310 million in cash. Consummation of the transaction remains subject to customary closing conditions.
About Apache Design Solutions, Inc.
Apache Design Solutions, Inc., is the leading provider of innovative power analysis and optimization software solutions that enable the design of power-efficient, high-performance, noise-immune integrated circuits, or ICs, and electronic systems. Its solutions consist of a suite of software tools and methodologies that enable design engineers to reduce power consumption, ensure reliable delivery of power to ICs and electronic system components, and mitigate power-induced signal interference, or noise. Headquartered in San Jose, California, with locations throughout the world, Apache and its subsidiaries employ approximately 275 people. Visit http://www.apache-da.com for more information.
About ANSYS, Inc.
ANSYS, Inc., founded in 1970, develops and globally markets engineering simulation software and technologies widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia. The company focuses on the development of open and flexible solutions that enable users to analyze designs directly on the desktop, providing a common platform for fast, efficient and cost-conscious product development, from design concept to final-stage testing and validation. The company and its global network of channel partners provide sales, support and training for customers. Headquartered in Canonsburg, Pennsylvania, U.S.A., with more than 60 strategic sales locations throughout the world, ANSYS, Inc. and its subsidiaries employ more than 1,750 people and distribute ANSYS products through a network of channel partners in 40+ countries. Visit www.ansys.com for more information.
ANSYS and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.
Forward Looking Information
Certain statements contained in this communication regarding matters that are not historical facts, including statements regarding the parties' ability to consummate the proposed transaction and timing thereof, are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements in this press release are subject to risks and uncertainties. These include the risk that the acquisition of Apache may not be consummated, the risk that the businesses of ANSYS and Apache may not be combined successfully or that such combination may take longer or cost more to accomplish than expected, and other factors that are detailed from time to time in reports filed by ANSYS, Inc. with the U.S. Securities and Exchange Commission, including the Annual Reports on Form 10-K, the quarterly reports on Form 10-Q, current reports on Form 8-K and other documents ANSYS has filed. ANSYS and Apache undertake no obligation to publicly update or revise any forward-looking statements, whether changes occur as a result of new information or future events after the date they were made.
Source: ANSYS, Inc. and Apache Design Solutions, Inc.