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Why is Ansys Inc. (ANSS) Stock down?

16 Jan, 2024:

Ansys Inc. (ANSS) stock dropped by 5.50% due to the announcement of its acquisition by semiconductor design and software firm Synopsys. The acquisition, valued at approximately $35 billion, marks one of the largest tech deals in recent years.

  • Synopsys' Acquisition of Ansys: Synopsys revealed its plan to acquire Ansys, an engineering and product design software firm, in a cash-and-stock transaction. Under the terms of the deal, Synopsys will pay approximately $390 per share, consisting of $197 per share in cash and approximately one-third of a Synopsys share for each Ansys share. The acquisition is subject to regulatory and shareholder approval and is expected to close in the first half of 2025.
  • Market Reaction and Ownership: In response to the acquisition news, Synopsys shares saw a 3% increase on Tuesday morning, partially recovering from a 12% decline that occurred since The Wall Street Journal reported advanced talks between the two companies in December. On the other hand, Ansys shares slipped by 5% but had previously gained over 14% in the period following the initial reports in December. Post-merger, Ansys shareholders will own approximately 16.5% of Synopsys, as disclosed by Synopsys CEO Sassine Ghazi during a conference call. The acquisition will be financed in part through $16 billion of debt financing, with the remaining $3 billion in non-equity consideration coming from Synopsys' cash reserves.
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