San Jose, CA--December 18, 1996--Cadence Design Systems Inc. (San Jose, CA) announced that it has completed its merger with High Level Design Systems Inc. (HLDS) in a move that creates a comprehensive approach to designing .35 m chips. The merger immediately aligns the technology and market strengths of HLDS' advanced IC design planning technology and high-level floorplanning capabilities with Cadence's timing-driven design flow for today's complex deep submicron (DSM) gate array and cell-based IC designs.
As consideration for the merger, Cadence will issue .22 shares of Cadence common stock for each share of HLDS stock, for a total issuance of approximately 2.56 million shares of Cadence common stock in exchange for all the outstanding shares of stock of HLDS. Cadence has also assumed HLDS employee stock options, which have become options to purcahse approximately 600,000 shares of Cadence common stock. The merger will be accounted for as a purchase.
Cadence Design Systems
San Jose, CA
Return to Headlines