MSC gets another offer

Remember suitor M, described in MSC’s proxy as not having financing available by the end of August? Well, that may have changed. Or it may be a completely new entrant – who knows?

MSC just announced that it has received a proposal “superior” to that from Symphony and that Symphony has until September 15 to top it. Symphony had offered $7.63 per share in cash; the new one, at $8 per share, also in cash but with no other terms made public.

Under the terms of MSC’s agreement with Symphony Agreement, MSC may terminate the deal with Symphony “only if the MSC board of directors determines in good faith, after consultation with its financial advisors and outside legal counsel, that the New Offer continues to be a Superior Proposal in light of any responsive offer.”

The ball is in Symphony’s court.

Updated at 10:15 AM ET, 9 September: Investors clearly think Symphony is going to come back with a higher offer; MSC’s share price is currently $8.09.

Updated at 4:15 PM ET, 9 September: Share price closed up 52 cents, at $8.13.