8-KOther Events

SYNOPSYS INC 8-K Report (Feb 26, 2004)

Filed February 26, 2004For Securities:SNPS

Summary

Synopsys, Inc. (SNPS) announced on February 23, 2004, a definitive agreement to acquire Monolithic System Technology, Inc. (MoSys) through a two-step transaction. The acquisition will be executed via a tender offer by Synopsys' wholly-owned subsidiary, Mountain Acquisition Sub, Inc., for all outstanding MoSys common stock, followed by a merger. The offer values each MoSys share at an aggregate of $13.50, comprising a mix of cash ($6.75) and Synopsys common stock (valued at $6.75). Synopsys retains the option to convert the offer into an all-cash transaction at $13.50 per share. Key MoSys stockholders, representing approximately 29% of the outstanding shares, have entered into agreements to tender their shares and vote in favor of the merger, significantly increasing the likelihood of successful completion.

Key Highlights

  • 1Synopsys to acquire Monolithic System Technology (MoSys) in a two-step transaction (tender offer followed by merger).
  • 2Transaction values MoSys at $13.50 per share, with a combination of cash and Synopsys stock as consideration.
  • 3Synopsys has the flexibility to convert the offer into an all-cash transaction.
  • 4Key MoSys shareholders (approx. 29% of shares) have agreed to tender their shares and support the merger.
  • 5The acquisition aims to integrate MoSys' operations into Synopsys.
  • 6Definitive Agreement and Plan of Merger and Reorganization was executed on February 23, 2004.

Frequently Asked Questions

This 8-K filing announces Synopsys, Inc.'s entry into a definitive agreement to acquire Monolithic System Technology, Inc. (MoSys) through a tender offer and subsequent merger.

The acquisition values Monolithic System Technology at an aggregate of $13.50 per share. The consideration will be a combination of $6.75 in cash and $6.75 worth of Synopsys common stock per MoSys share, though Synopsys has the option to make it an all-cash deal.

The stockholder agreements, signed by key MoSys directors, officers, and substantial shareholders representing approximately 29% of the outstanding shares, ensure that these shares will be tendered and voted in favor of the merger. This significantly de-risks the transaction and increases the probability of its successful completion.

The filing indicates that the tender offer will commence 'as promptly as reasonably practicable.' Specific closing dates are not provided in this 8-K, but the tender offer and subsequent merger are subject to customary closing conditions.