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Autodesk Plans to Acquire Delcam for $276M

SAN RAFAEL, CA, Nov 7, 2013 - Autodesk, Inc. today announced its intention to acquire Delcam, one of the world’s leading suppliers of advanced software for the manufacturing industry. Autodesk plans to acquire Delcam for £20.75 per share or approximately £172.5 million. The transaction will be structured as a cash offer for all the outstanding shares of Delcam, is subject to customary closing conditions including regulatory approvals, and is expected to close in Autodesk’s first quarter of fiscal 2015. Autodesk expects to use its non-US-based cash for the transaction.

“Today we are taking an important step on our path toward delivering a better manufacturing experience,” said Carl Bass, Autodesk president and CEO. “Together Autodesk and Delcam will help further the development and implementation of technology for digital manufacturing.”

Headquartered in Birmingham, UK, Delcam is one of the world’s leading suppliers of advanced CADCAM and industrial measurement solutions for the manufacturing industry. Delcam’s range of design, manufacturing and inspection software provides automated CAD CAM solutions for a variety of industries, ranging from aerospace to toys and sports equipment. The company has more than 30 offices worldwide, approximately 600 employees, reported revenues for its fiscal 2012 of £47.1 million, and its shares trade on the London Stock Exchange under the ticker symbol “DLC.”

“I am very excited by the opportunities from combining Delcam with Autodesk to create a compelling platform from which to service both companies’ manufacturing clients,” said Clive Martell, Delcam CEO. “The offer is at a level which recognizes the potential of Delcam and provides an attractive opportunity for shareholders to realize value for their current holdings in cash, while at the same time opening up new opportunities for our staff and partners operating within the wider platform of the Autodesk group.”

Business Outlook

Assuming the transaction is completed in the first quarter of fiscal 2015, this transaction is expected to have no impact on Autodesk’s guidance issued on October 2, 2013. Autodesk expects this transaction to be dilutive to its non-GAAP earnings in fiscal 2015 and accretive to its non-GAAP earnings in fiscal 2016. The company will provide more details about the impact of the transaction on its fourth quarter conference call, currently scheduled for February 2014.

Additional Information

The cash offer for the outstanding common stock of Delcam has not yet commenced. This filing is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of Delcam stock will be made only pursuant to a circular to Delcam shareholders containing the terms of the Scheme containing the explanatory statement required by section 897 of the Companies Act 2006 of the United Kingdom and convening of a meeting of Delcam’s shareholders pursuant to an order of the Court and a general meeting of Delcam convened in connection with the Scheme. Delcam shareholders and other investors should read these materials carefully because they contain important information, including the terms and conditions of the Scheme. Delcam shareholders and other investors are urged to read carefully those materials prior to making any decisions with respect to the Scheme.

About Autodesk

Autodesk helps people imagine, design and create a better world. Everyone - from design professionals, engineers and architects to digital artists, students and hobbyists - uses Autodesk software to unlock their creativity and solve important challenges.

For more information visit autodesk.com or follow @autodesk.  

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Additional News

Source: Material used in press releases is often supplied by external sources and used as is.