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MSC is a provider of integrated enterprise simulation solutions. Elliott Management is an investment management firm, while STG is a private equity firm.
Update on October 9, 2009:
The stockholders of MSC have approved the company's proposed acquisition by STG.
Update on September 28, 2009:
STG, through its affiliate Maximus Holdings, has increased its offer price to acquire all of the outstanding shares of MSC Software to $8.4 per share in cash. The offer price represents a premium of 20.7% to the closing share price of MSC.Software as on September 25, 2009.
Update on September 8, 2009:
MSC Software has received an offer from a private equity firm to acquire all of the issued and outstanding common shares of MSC Software at $8 per share in cash.
Announcement (July 7, 2009):
Elliott Associates, L.P., a US-based hedge fund managed by investment firm Elliott Management, has agreed to sell its stake in MSC Software to STG and Elliott Management.
Under the terms of the agreement, MSC's stockholders will receive $7.63 in cash for each share of MSC common stock, representing approximately a 13% premium to the closing price per share of MSC's stock on July 6, 2009 and approximately a 24% premium compared to the 90-trading day trailing average price per share. The transaction is valued at approximately $360 million.
In connection with the transaction, stockholders representing approximately 14% of the outstanding shares of MSC, including the company's largest stockholder Elliott Associates, L.P. and all of the company's directors and executive officers, have entered into voting agreements to vote in favor of the transaction.
Elliott Management has also has committed to provide debt and equity financing for the transaction. Wells Fargo Foothill, Inc. and CapitalSource Finance LLC have committed to provide senior debt financing.
Shearman & Sterling LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Davis Polk & Wardwell LLP are acting as legal advisors to STG, Elliott and MSC, respectively. J.P. Morgan Securities Inc. is acting as financial advisor to MSC.
Deal Value (US$ Million) 390 Deal Type Private Equity Sub-Category Exit Deal Status Completed: 2009-10-14
Deal Participants
Target (Company) MSC.Software Corporation
Bid Premium ($ per share) 20.7
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