MOUNTAIN VIEW, USA: Synopsys Inc. and Virage Logic Corp. announced that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, applicable to Synopsys' proposed acquisition of Virage Logic, expired on July 19, 2010.
On June 10, 2010, Synopsys and Virage Logic announced the signing of a merger agreement under which Synopsys will pay $12.00 per share in cash for each outstanding share of Virage Logic common stock.
Expiration of the Hart-Scott-Rodino waiting period satisfies one of the conditions for completion of the transaction. The completion of the transaction is still subject to Virage Logic stockholder approval and other customary closing conditions.
The companies continue to expect the transaction to close in the fourth quarter of Synopsys' fiscal 2010.