June 21, 2010 / 12:11 PM / 7 years ago

UPDATE 1-Symyx rejects Certara bid, backs Accelrys offer

* Says Certara offer not superior to Accelrys’

* Says standalone co has more potential to Certara offer

* Says backs merger pact with Accelrys

June 21 (Reuters) - Scientific research provider Symyx Technologies Inc SMMX.O rejected a revised buyout proposal by Certara Corp, saying it was not superior to an offer made by Accelrys Inc ACCL.O earlier this year.

On June 17, Certara, and its private equity sponsor Vector Capital, lowered its offer to acquire Symyx to $5.75 a share form its earlier proposal to buy the company for $6.75 a share. In a statement on Monday, Symyx said Certara’s revised proposal was inadequate when considered against the potential value of Symyx as a standalone company.

Symyx said the proposal allowed Certara to revoke its proposal before Symyx shareholders could vote, or before the Accelrys agreement was terminated, putting Symyx at risk with potentially no transaction to consummate.

In April, Accelrys had offered to buy Symyx in a stock deal which valued Symyx at a little more than $5 a share, or about $175 million. After the merger, shareholders of each company would own about 50 percent of the combined entity.

Symyx said it reaffirmed its commitment to a merger with Accelrys.

Shares of the Santa Clara-based company closed at $5.55 Friday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)

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