CIMdata PLM Industry Summary Online Archive

24 July 2008

Acquisitions

Ansoft Announces Stockholder Approval of Acquisition and Satisfaction of Closing Conditions

Ansoft Corporation announced that at the company’s special meeting of stockholders held on July 23, 2008 in Pittsburgh, Pennsylvania, the company’s stockholders voted to adopt and approve the merger agreement providing for the acquisition of Ansoft by ANSYS, Inc. In addition, Ansoft announced that the conditions to ANSYS' obligations contained in Section 7.2 of the merger agreement have been satisfied as of the date of this release. As a result, the parties announced that the closing of the transaction has been scheduled to occur on July 31, 2008, which will also be Ansoft’s last day of trading on the NASDAQ.

"We are pleased that our stockholders have approved the acquisition of Ansoft by ANSYS and believe their support reinforces our belief that this merger brings together two great companies with a shared vision and strong engineering focus, " said Dr. Zoltan J. Cendes, founder, Chairman of the Board and Chief Technology Officer of Ansoft. In conjunction with this transaction, Dr. Cendes will join ANSYS’ board of directors following the closing of the transaction.

As previously announced, under the terms of the merger agreement, Ansoft stockholders will receive $16.25 in cash and 0.431882 shares of ANSYS common stock for each outstanding Ansoft share.

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