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Synopsys said Thursday it plans to buy Virage Logic Corp., (VIRL) a rival chip design software provider, for about $315 million in cash.Synopsys said the deal will give it a more comprehensive set of software tools to offer customers.The company will offer Virage stockholders $12 per share, a 28 percent premium over the company's last closing price of $9.37. Excluding the cash on Virage's books, Synopsys would be paying about $289 million.Synopsys Inc. expects to close the deal in the fourth quarter of the fiscal year, which ends for the company in October. The stock is up over 25 percent on over five times the average trading volume.
Wind turbine maker A-Power Energy Generation Systems (APWR) said Thursday that its first-quarter net income soared on one-time gains stemming from its acquisition of a Japanese solar company and the value of outstanding warrants. The company also raised its 2010 revenue and profit forecast and shares spiked 12 percent in premarket trading. A-Power reported net income of $29.3 million, or 64 cents per share, for the quarter ended March 31 compared with net income of $1.6 million, or 4 cents per share, in the year-ago period. The company recorded a $13.6 million gain as part of last year's deal for Evatech Co. Ltd. for $49.9 million that allows A-Power to expand into the solar business. A-Power also benefited from a $14.2 million increase in the fair value of outstanding warrants. The stock broke nine dollars today on above average volume.
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