Symyx Rejects Certara Bid, Backs Accelrys Offer
Scientific research provider Symyx Technologies rejected a revised buyout proposal by Certara, saying it was not superior to an offer made by Accelrys Inc earlier this year.
On June 17, Certara, and its private equity sponsor Vector Capital, lowered its offer to acquire Symyx to $5.75 a share form its earlier proposal to buy the company for $6.75 a share.
In a statement on Monday, Symyx said Certara's revised proposal was inadequate when considered against the potential value of Symyx as a standalone company. Symyx said the proposal allowed Certara to revoke its proposal before Symyx shareholders could vote, or before the Accelrys agreement was terminated, putting Symyx at risk with potentially no transaction to consummate.
In April, Accelrys had offered to buy Symyx in a stock deal which valued Symyx at a little more than $5 a share, or about $175 million. After the merger, shareholders of each company would own about 50% of the combined entity. Symyx said it reaffirmed its commitment to a merger with Accelrys.
(06/22/2010)
