Information management systems provider Symyx Technologies, Inc., US, has announced that at a recent meeting, its board examined a revised acquisition proposal from Certara Corporation, Tripos International and Pharsight Corporation (collectively the "Certara/Vector proposal"). The board determined that the proposal is not in the best interest of Symyx shareholders. Further, it has reiterated its support for the merger proposal with Accelrys, Inc., first announced in April 2010.
Symyx and Accelrys had signed a definitive merger agreement, structured as a tax-free, all-stock merger of equals, under which Symyx stockholders would receive 0.7802 of a share of Accelrys common stock for each share of Symyx they own. Certara/Vector, on the other hand, offered $5.75 per share in cash.
The Symyx board believes the transaction with Accelrys is in the best interests of all Symyx stockholders. On a pro forma basis, Accelrys and Symyx have a pre-announcement market capitalisation of approximately $335 million, cash reserves of approximately $150 million (net of transaction costs) and no debt. Pro forma revenues are expected to be greater than $160 million on an annual basis during the first year of combined operations. For calendar 2011, the combined company expects to achieve full-year net synergies in the range of $10-15 million and for the transaction to be materially accretive to non-GAAP earnings per share.
