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ESI Group: shares soar after Keysight offer

( - ESI Group's share price soared almost 50% in Paris on Thursday morning, following the takeover bid made by Keysight, which values the French virtual prototyping specialist at over E910m.

Just before 11 am ESI's share price climbed 48%, making it the second-highest gainer on the Paris market, virtually matching the offer price.

ESI last night announced that Keysight had made a binding offer to certain shareholders to acquire a controlling stake representing 50.6% of the capital and 55.8% of the voting rights.

The price of E155 per share, paid in cash, represents a premium of around 72% on the closing price of E90 on 17 May, the last day before ESI announced the existence of discussions, in response to rumors that had appeared in the press.

By integrating ESI's software into its electronic test portfolio, Keysight says it wants to extend its virtual prototyping capabilities into the computer-aided engineering sector.

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