Cadence to Buy Cooper & Chyan
Cadence Design Systems Inc. said it will buy Cooper & Chyan Technology Inc. for about $422 million in stock, combining two suppliers of microchip design software. Under the stock-swap agreement, Cadence will pay 0.85 share for each share of Cupertino, Calif.-based Cooper & Chyan. At Cadence’s current stock price, the swap values Cooper & Chyan at $32.62 a share, or $422 million. San Jose-based Cadence said it will issue 11 million shares for the transaction. Cadence sells software used by engineers to design and test integrated circuits or microchips. Cooper & Chyan develops software the helps engineers route the connections among the electronic parts of the circuit board.