Form 4: Altair Engineering Director Sandra Carter Reports Share Cancellation Following Siemens Acquisition

Director Sandra Carter reports the cancellation of her Altair Engineering shares and restricted stock units (RSUs) following the acquisition of the company by Siemens Industry Software Inc. on March 26, 2025, for $113 per share.

Summary

• Sandra Carter, a director at Altair Engineering Inc., filed a Form 4 on March 26, 2025, reporting changes in her beneficial ownership of the company's stock.
• The filing indicates that on March 26, 2025, Altair Engineering was acquired by Siemens Industry Software Inc. pursuant to a merger agreement dated October 30, 2024.
• As a result of the merger, each outstanding share of Altair's Class A Common Stock was canceled and converted into the right to receive $113 in cash.
• Carter's holdings of 13,389 shares of Class A Common Stock were canceled, and she received $113 per share.
• Her 2,347 unvested Class A Common Stock restricted stock units (RSUs) also vested, were canceled, and converted into the right to receive $113 in cash per unit.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition provides a clear exit strategy for shareholders at a defined price. The vesting of RSUs is also a positive outcome for employees holding those units.

Positives

• The acquisition provided a cash payout of $113 per share for Altair's Class A Common Stock holders.
• Unvested RSUs were vested as part of the acquisition, providing additional value to holders like Sandra Carter.

Future Outlook

The document does not contain any forward-looking statements regarding the future of Siemens or the combined entity.

Industry Context

The acquisition of Altair Engineering by Siemens reflects a trend of consolidation in the engineering software industry, where larger companies acquire specialized firms to expand their product offerings and market reach.

Comparison to Industry Standards

• Acquisitions in the software industry often involve a premium paid to the target company's shareholders.
• The $113 per share cash consideration suggests a valuation that is comparable to other acquisitions of similar companies in the software sector.
• Comparable companies and projects would need to be analyzed to determine if the $113 per share was a good deal for shareholders.

Stakeholder Impact

• Shareholders received $113 per share in cash.
• Employees with RSUs saw those units vest and convert to cash.

Key Dates

Keywords

Altair Engineering, Siemens, acquisition, merger, Form 4, Sandra Carter, Class A Common Stock, RSUs, beneficial ownership, cancellation, cash consideration