Our Clients

Overview

• Matthews South advised Cadence Design Systems, Inc. on its inaugural $100 million ASR
• Under the ASR agreement, Cadence received an initial share delivery of approximately 489,000 shares, with the remainder, if any, to be settled in the third quarter of 2022

Pricing, Structuring, & Execution Advice in a Volatile Market

• Given this was Cadence’s first ASR, we provided thorough documentation and accounting analysis to support equity treatment, as well as education on the various structural alternatives, ultimately providing the company with the ability choose the optimal structure for its objectives
• The structuring advice we provided optimized for the current volatility environment and ensured that the company was in the market for its minimum desired time period
• We coordinated execution with the bank group to create a competitive dynamic and better pricing