Update: MSC gets yet another offer, postpones meeting

MSC Software announced today that it received a new offer from the unnamed party bidding on the company of $8.30 per share. Symphony now has until September 28 to make a “responsive offer”. Under the original deal struck between MSC and Symphony, MSC may terminate their agreement only if the MSC Board of Directors believes that the new offer is still a better deal even after receiving any responsive offer. Tune in again on September 28!

Update 12:45 ET 22 Sept: Interesting. MSC’s share price rocketed up to $8.31 after the revised offer was announced at around 9AM; it’s now settling at $8.29. Does Wall St think we’re done? [FYI: arbitragers — people who buy shares thinking the price is going to go up — still need to pay taxes and fees on any eventual sale, so the trading price is usually a penny or two shy of the announced offer.]

Update 09:45 ET, 23 Sept: MSC just announced that the shareholder meeting set for September 30 has been postponed, with no new date set. Makes sense, since offers keep coming in and filings will need to be updated, possibly after hammering out the details with a new acquirer. Wall St does seem to think we may be near the end; the share closed at $8.28 yesterday and is flirting with $8.30 this morning.

Update 20:30 ET, 23 Sept: MSC shares closed at $8.28 again. Looks like the Street does indeed think this was the final offer. But Symphony has until Monday to meet or beat the latest offer.