Are we done? MSC accepts Symphony offer of $8.40/share

MSC.Software Corporation announced today that it has entered into an agreement with Symphony Technology Group at $8.40 per share in cash. Recall that MSC announced that it had received an offer from third-party private equity firms to acquire the company for $8.30/share and that Symphony had until yesterday to beat that offer. Per the press release, “On September 28, 2009, Symphony delivered to the MSC Board its revised offer to purchase MSC … In light of the Symphony’s revised offer, the MSC Board of Directors determined that the New Offer no longer constituted a Superior Proposal under the terms of the Symphony Agreement and authorized MSC to enter into the Symphony Amendment.”

MSC has scheduled a stockholder meeting for October 9, 2009 to vote on the deal.

it’s interesting to note that MSC’s share price fell steadily yesterday, closing at $8.25 as speculators must have been betting that Symphony wouldn’t exceed the latest offer. Interesting, too, that this latest offer is nowhere near what had been rumored late last week.