News Article
Mergers & Acquisition
Electronic design automation (EDA) company Synopsys has made a definitive agreement to buy all outstanding shares of Numerical Technologies common stock at $7.00 a share. Numerical develops subwavelength lithography photomask software.
Electronic design automation (EDA) company Synopsys has made a definitive agreement to buy all outstanding shares of Numerical Technologies common stock at $7.00 a share. Numerical develops subwavelength lithography photomask software. The acquisition is subject to certain conditions, including the tender of a majority of Numericals fully diluted shares, receipt of regulatory approvals, and other customary conditions. The boards of directors of both companies have approved the transaction.
The transaction was expected to close during Q1 2003. However, a class action lawsuit launched on January 14, claiming to be on behalf of shareholders, is seeking to stop the deal. The action alleges that the directors have breached their fiduciary duty by approving the terms of the acquisition agreement. Naturally, umeritech "believes the lawsuit is without merit and intends to vigorously contest it."
