Cupertino, CA--August 29, 1996--Cooper & Chyan Technology Inc. (Cupertino, CA) announced that it completed its acquisition of UniCAD Inc. on Wednesday, Aug. 28, 1996.
UniCAD will continue to operate under its name in Ottawa, Ontario as a wholly-owned subsidiary of CCT.
CCT agreed in July to acquire UniCAD in a transaction valued at approximately $10.3 million based on CCT's Aug. 27 closing price. CCT will issue approximately 389,000 shares to acquire UniCAD's outstanding common stock and up to 71,273 additional shares as the converted UniCAD options are vested and excercised.
The transaction is structured as a tax-free reorganization and will be accounted as a pooling of interests.
Cooper & Chyan Technology Inc.
1601 S. De Anza Blvd. Suite 100
Cupertino, CA 95014
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