(Update: Since this story was first published, MSC has announced a newly revised offer from Symphony of $8.15 per share. MSC said in a statement that it is evaluating the offer.)
A bidding war has broken out for simulation and design software vendor MSC.Software Corp., threatening the company’s earlier agreement to be acquired by private equity company Symphony Technology Group for $360 million.
Yesterday, MSC said it had received a better offer from other “private equity firms” and had put Symphony on notice that it intends to terminate its takeover agreement with Symphony. Symphony has five business days — until next Monday — to respond to the new offer.
MSC officials today did not respond to calls seeking the identity of the new bidder or bidders.