The Los Angeles-based finite element analysis software specialist MacNeal-Schwendler Corp is to acquire computer-aided design software developer PDA Engineering Inc, paying interest-bearing subordinated debentures convertible into its common stock and valued at $6.85 per PDA share against a price in the market of $2.875. The two have been working to link their software for some time so that an engineer could for example design a turbine blade and immediately use Nastran to assess the effect of hot gases on it as they expanded. The combination will lead to a big one-off charge to write off software development costs and for merger-related restructuring. MacNeal-Schwendler did $11.4m on $79.6m sales in the year to January 31; PDA reported net profit of $4.4m on sales of $43.1m for the year to June.
