MSC Software announced that its board of directors has received revised offers to acquire the company. The original offer of $7.63 per share from Symphony was trumped last week when an unnamed party offered $8.00 per share; under the original agreement between Symphony and MSC, Symphony had 5 business days to come up with a counter-offer.
Yesterday, Symphony upped its offer to $8.00 (likely assuming its terms were better) — but the unnamed suitor upped its offer to $8.15 per share. According to the press release, “After reviewing the New Offer in light of the Symphony Revised Offer, the MSC Board determined that the New Offer constituted a "Superior Proposal" as defined in the Symphony Agreement.”
Now Symphony gets another 5 days to reconsider its latest offer … tune in again on September 21 for the next installment. It’s nice to be the belle of the ball for a change, no?
