Rochester, NY 7/15/2009 9:17:55 PM
MSCS - Levi & Korsinsky and LLP Makes Action in the Superior Court in opposition to MSCS
MSC.Software Corporation
MSC.Software Corporation, MSCS
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Levi & Korsinsky announces that a class action lawsuit has been filed in the Superior Court of the State of California challenging the proposed acquisition of MSC.Software Corporation. The complaint arises out of an announcement by MSC.Software stating that it had entered into a definitive merger agreement with Symphony Technology Group and Elliott Management Corp. Under the terms of the agreement, MSC.Software shareholders will receive $7.63 in cash for each share of MSC.Software they own for a total transaction value of approximately $360 million.The price is unfair given that (i) the Company's shares traded at $7.73 as recently as June 1, 2009 and over $10.70 per share in the fourth quarter of 2008; (ii) the Company has $149 million in cash (or $3.27 per share) with no debt and a book value in excess of $7.00 per share; and (iii) analysts set a median price target for MSC.Software stock at $8.75 per share with a high target of $10.00 per share.
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