Ansys, Ansoft merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., May 1 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Ansys, Inc. and Ansoft Corp., according to a government statement.

It was previously reported that Ansys agreed to acquire Ansoft in a cash and stock deal valued at $832 million.

Under the companies' agreement, Ansoft stockholders will receive $16.25 cash and 0.431882 of a share of Ansys common stock per Ansoft share, or a total consideration of some $32.50 per Ansoft share.

Ansys will issue 11.1 million shares and pay an estimated $416 million in cash in the transaction, a prior news release stated.

The Pittsburgh-based companies said they expect the transaction to close in the second quarter of 2008, subject to Ansoft shareholder approval and other closing conditions.

Ansys markets engineering simulation software and technologies.

Ansoft develops electronic design automation software.

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