Summary
Cadence Design Systems, Inc. (CDNS) has officially completed its acquisition of Denali Software, Inc. as of June 17, 2010. This strategic move, outlined in a May 12, 2010 merger agreement, involved a cash transaction totaling approximately $313.5 million. The acquisition saw Denali Software merge with Cadence's wholly-owned subsidiary, Eagle Subsidiary Corporation, with Denali continuing as a subsidiary of Cadence. This acquisition represents a significant step for Cadence, likely aimed at expanding its product portfolio and market reach within the electronic design automation (EDA) sector. Investors should note that while the transaction has closed, the full financial statements and pro forma information related to the acquired business will be provided in a subsequent amendment to this 8-K filing by September 2, 2010.
Key Highlights
- 1Cadence Design Systems, Inc. completed the acquisition of Denali Software, Inc. on June 17, 2010.
- 2The total transaction value for the acquisition was approximately $313.5 million.
- 3Denali Software, Inc. is now a wholly-owned subsidiary of Cadence Design Systems, Inc.
- 4The acquisition was executed through a merger involving Cadence's subsidiary, Eagle Subsidiary Corporation.
- 5The filing indicates that detailed financial statements and pro forma information for Denali will be filed by amendment before September 2, 2010.
- 6A press release announcing the closing of the merger is included as an exhibit.