MSC Software Corp, a simulation and software services company, said it received an offerfrom a private equity firm that topped an earlier offer from Symphony Technology Group, sending its shares up as much as 7 percent.
The private equity firm, which it did not name, has proposed to acquire all its issued and outstanding common shares at $8 per share. This compares with the $7.63 per share offer it received from Symphony, another private equity firm.
However, shares of the company rose 52 cents to $8.13 in Wednesday morning trade, suggesting investors were expecting a still higher bid.
The company called the new offer a superior proposal.
In July, MSC agreed to a $360 million buyout by Symphony and private investment firm Elliott Management Corp in a cash deal that represented a 13 percent premium.
MSC's simulation software is used to construct computer models of products, components, systems and assemblies and to simulate performance conditions.
(Reporting by Shrutika Verma in Bangalore; Editing by Ratul Ray Chaudhuri)