ANSS -> SNPS acquisition

Sometime back in January, it was announced that Synopsys was buying Ansys in a Cash plus stock deal to close in the first half of 2025. I an an owner of Ansys since prior to the announcement. I checked today, and based on the current prices and terms of the deal, it appears to be selling at around a 16% discount. I’ve not really played with arbitration in the past, but is that a typical discount in these situations? Their movements don’t appear to be super-highly correlated.

*terms of deal: for each share of ANSS stock, holder receives $197 plus .345 shares of SNPS.

ANSS current quote $319.52
SNPS current quote $536.94

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