June 6, 2002 – Mountain View, CA – Synopsys Inc. has completed its acquisition of Avant! Corp.
Each outstanding share of Avant! was converted into a right to receive 0.371 of a Synopsys common share (with cash in lieu of fractional shares). Avant! common shares no longer trade on the NASDAQ.
In connection with the merger, Synopsys issued approximately 14.5 million common shares to former Avant! stockholders and reserved approximately 2.3 million common shares for issuance in connection with stock options assumed in the transaction.
“With the Avant! acquisition now complete, we are prepared to further accelerate the pace of innovation within Synopsys and within our customer base,” said Aart de Geus, chairman and CEO of Synopsys.