SUNNYVALE, Calif.--A Delaware Chancery Court Thursday (April 29) decided to proceed on an expedited basis with the suit filed by Monolithic System Technology Inc. against Synopsys Inc.
The suit, filed by MoSys on April 23, seeks to compel Synopsys to complete a merger agreement the defendant signed on Feb. 23. The MoSys lawsuit says that Synopsys terminated the agreement even though all terms and conditions had been met and 89 percent of outstanding MoSys shares had been properly tendered to Synopsys.
The court today scheduled the trial for July 6 to 13. The trial will focus exclusively on whether MoSys can compel Synopsys to complete the merger. The court also agreed to the companies' request not to consider damages at this time, therefore allowing for a quicker decision on the status of the merger.
"We are pleased that this case will proceed quickly," said Fu-Chieh Hsu, chairman and CEO of MoSys, in a statement. "All of the reasons that favored this merger before Synopsys abruptly breached our agreement still exist, and we hope this will clear the air on any outstanding issues so that we can complete the transaction."