A special meeting has been scheduled on May 22 for Ansys Inc. shareholders to vote on proposals related to the company's proposed acquisition by Synopsys Inc., according to a regulatory filing.
The $35 billion cash and stock deal was announced in January. It will combine Synopsys' semiconductor electronic design automation with Ansys' simulation and analysis portfolio, creating a leader in silicon-to-systems design solutions. A subsidiary of Synopsis will merge into Ansys, which would then operate as a wholly-owned subsidiary of Silicon Valley-based Synopsis (NASDAQ:SNPS). The two companies have worked together on projects for about seven years.
At the upcoming meeting, shareholders will be asked to consider and vote on proposals to adopt the merger agreement and compensation agreements between Ansys and its named executive officers in connection with the transaction.
Ansys, based at Southpointe, is Pittsburgh's 17th-largest public company. Founded in 1970 by John Swanson, a Westinghouse engineer, as Swanson Analytic Systems, it adopted the Ansys name in 1994 and went public two years later. Swanson's name graces the School of Engineering at the University of Pittsburgh. It employs over 6,600, according to the Pittsburgh Business Times Book of Lists, with about 700 in southwestern Pennsylvania.
The U.S. Federal Trade Commission issued a second request for information from both companies, as per an April 11 regulatory filing.
