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Synopsys Completes Major Steps Toward Acquisition of SpringSoft

19th September 2012

Synopsys Inc

ES Admin

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Synopsys announced today that it has obtained regulatory approval in Taiwan to acquire SpringSoft, Inc. In addition, greater than 51 percent of the outstanding shares of SpringSoft have been tendered. By meeting these two milestones, Synopsys expects to complete the tender offer and take a controlling interest in SpringSoft as of October 1, 2012.

We appreciate the support we've received from regulators and SpringSoft shareholders, as Synopsys increases its investments in Taiwan, said Chi-Foon Chan, president and co-CEO of Synopsys. Combining the expertise, resources and innovations of both companies will accelerate critical initiatives in verification and custom implementation to serve the needs of designers worldwide.

Having obtained regulatory approval and exceeded the minimum tender requirement, Synopsys is obligated to close the tender offer after the tender offer period expires on September 24, 2012. The final number and percentage of tendered shares will be determined on that date. By obtaining a controlling interest, Synopsys will consolidate SpringSoft's financials as of October 1, 2012.

The tender offer for SpringSoft common shares will continue until 3:30 p.m. on September 24, 2012, Taiwan time.

On August 3, 2012, Synopsys and SpringSoft signed a definitive agreement for Synopsys to acquire SpringSoft. When closed, the acquisition will increase Synopsys' investment in Taiwan by growing Synopsys' local engineering expertise, technology development capabilities and customer support.