MSC Software Corp, a simulation and software services company, has agreed to a $360 million buyout by private equity firm Symphony Technology Group and private investment firm Elliott Management Corp.
The cash deal, announced by the three firms late on Tuesday, gives MSC shareholders $7.63 per share, a 13 percent premium to the stock's $6.75 closing price on the Nasdaq on Tuesday.
The transaction is expected to close late in the current quarter. It was unclear how Symphony and Elliott would split control of MSC, which reported $53.6 million in revenues in the first quarter.
Santa Ana, California-based MSC said it undertook a thorough review of strategic alternatives before its board agreed to the transaction with Symphony, which is based in Palo Alto, California. Elliott is MSC's largest shareholder, owning about 13 percent, according to Reuters data.
The trio said about 14 percent of shareholders have agreed to vote for the takeover, including MSC's board, management, as well as Elliott, which manages some $14 billion in assets.
Symphony's web site says its nine portfolio companies have combined revenues of $2.5 billion, adding its mission is to invest in building software and services companies.
JPMorgan Chase Securities (JPM.N) is advising MSC in the transaction. (Reporting by Jonathan Spicer; Editing by Muralikumar Anantharaman)