Accelrys Announces Favorable ISS Recommendation For Stockholder Vote On Proposed Merger With Symyx
Accelrys, Inc. (NASDAQ: ACCL), a leading scientific informatics software and services company, today announced that Institutional Shareholder Services (ISS), an independent proxy advisory firm, has recommended that stockholders of Accelrys vote “FOR” the proposed agreement providing for the merger with Symyx Technologies, Inc. (NASDAQ: SMMX). Accelrys will hold a special shareholder meeting at its headquarters in San Diego, CA, on June 30, 2010 to vote on the proposed merger.
As first announced on April 5, 2010, Symyx shareholders will receive 0.7802 shares of Accelrys common stock for each share of Symyx common stock in this tax-free, all-stock merger of equals. Following completion of the merger, Accelrys and Symyx shareholders would own approximately 50 percent of the combined company.
The joint integration planning is complete and Accelrys management has concluded that after a period of initial integration of approximately six months, full year net cost synergy savings are expected to be in the range of $10 million - $15 million. Pro forma annualized revenues are expected to be in excess of $160 million, providing the benefits of scale necessary to leverage operating expenses. Pro forma cash is expected to be in excess of $150 million (net of transaction costs). The combined company will have no debt. The transaction is expected to be accretive to Non-GAAP earnings per share for the fiscal year ending March 31, 2011 and materially accretive to Non-GAAP earnings per share for the fiscal year ending March 31, 2012.
Accelrys’ Special Meeting of Stockholders to vote on and approve the merger will be held on Wednesday, June 30, 2010 at 1 p.m. ET at 10188 Telesis Court, San Diego, CA 92121. Whether or not stockholders are able to attend the Special Meeting in person, the Accelrys board urges all stockholders to vote “FOR” the transaction by signing and dating and returning their proxy cards. Signing a proxy card today cancels any card previously signed. Only the latest dated proxy counts. Accelrys stockholders who have questions about the merger, need assistance submitting their proxy or voting their shares should contact the Company’s proxy solicitor, Laurel Hill Advisory Group, LLC, toll-free at (888) 742-1305.
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