Short Take: Avant completes acquisition, takes charge

Avant completed its acquisition of Compass Design Automation, formerly a subsidiary of VLSI Technology. Avant exchanged $17.5 million and 522,192 shares of common stock for all outstanding Compass common and preferred stock. The transaction will be accounted for as a purchase. Avant expects to take a significant charge for in-process research and development in the third quarter of 1997.

Sept. 12, 1997 9:00 a.m. PT

completed its acquisition of Compass Design Automation, formerly a subsidiary of VLSI Technology. Avant exchanged $17.5 million and 522,192 shares of common stock for all outstanding Compass common and preferred stock. The transaction will be accounted for as a purchase. Avant expects to take a significant charge for in-process research and development in the third quarter of 1997.