NEW YORK (GenomeWeb News) – Symyx Technologies said last night after the close of the market that its board of directors has once again rejected Certara's bid to acquire the firm for $5.75 per share, or around $200 million, saying that it does not constitute a superior offer to Accelrys' bid to acquire the company.
This is the second time this week that the Symyx board has rejected the Certara offer, which is higher than Acclerys' $5 per share bid. The Symyx board has stated that a combination with Accelrys offers a greater upside and has urged Symyx shareholders to support the Accelrys bid.
San Diego-based Accelrys issued a separate release last night saying that independent proxy advisory firm Institutional Shareholder Services has recommended Accelrys' shareholders vote in favor of the merger with Symyx next week.
Under the deal, shareholders of each firm would own roughly half of the combined life science informatics company. The firms expect full-year net synergies of between $10 million and $15 million, and annualized revenues of more than $160 million.