San Jose, CA--October 28, 1996--Cadence Design Systems (San Jose, CA) announced a definitive agreement to merge with Cooper & Chyan Technology Inc. (CCT; Cupertino, CA) in order to create a suite of technology for designers of complex integrated circuits and high speed printed circuit boards. The merger addresses how the elements contained on sophisticated high-speed silicon chips and boards are designed and connected together.
Both companies provide high-performance and complementary tools for the design of PCBs found in products such as computer systems, telecommunications devices, and consumer electronics. Their tools are currently used together by mutual customers to address the requirements of high-speed board design. CCT's strength has traditionally been in routing the circuitry required to connect the wide variety of devices on a board. It recently expanded its PCB design capabilities through its acquisition of UniCAD Inc. Cadence offers a comprehensive suite of capabilities for the planning, layout, and analysis (signal integrity, crosstalk, thermal) of PCBs and MCMs.
By combining their respective expertise, the merger will allow the development of more advanced methodologies to address critical issues for boards operating at clock rates of 100 MHz or more.
The Cadence/CCT agreement complements Cadence's recently-announced agreement to acquire High Level Design Systems (HLDS) to enhance the company's solution for the design of ICs manufactured using deep submicron process geometries. The Cadence and HLDS solutions already leverage the advanced routing capabilities from CCT, and the merger will accelerate more advanced methodology based on the two companies' strengths, Cadence said.
Under the terms of the merger agreement, each outstanding share of CCT will be exchanged for 0.85 share of Cadence. The merger is expected to be accounted for as a pooling of interests and is subject to regulatory and CCT shareholder approval. Based on CCT's 12.9 million shares outstanding on Sept. 30, 1996, Cadence will issue approximately 11.0 million shares in the merger.
Cooper & Chyan Technology
1601 S. De Anza Blvd.
Cupertino, CA 95014
Fax: (408) 252-9565
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