Santa Ana-based simulation and software services company MSC Software Corp. is being acquired by a Palo Alto-based private equity firm, named Symphony Technology Group LLC and private investment firm called Elliott Management Corp. under a deal of about $360 million in cash. Soon after the buyout announcement in Tuesday, MSC’s shares soared closer to the buyout price as investors sent the stock up 11 percent at close of trading on a recent market value of about $340 million.

As per the cash deal, MSC stockholders get $7.63 per share, 13 percent premium to the stock’s $6.75 closing price on the Nasdaq on Tuesday. The deal is expected to close by the end of the third quarter this year. This is not yet revealed that how Symphony and Elliott would split control of MSC. The latter reported $53.6 million in revenues in the first quarter this year. (more…)

Though sales were down for most automakers, Fountain Valley-based Hyundai Motor America and its affiliate Kia Motors America Inc. of Irvine reported better sales than most automakers in June as sales fell at a slower pace as compared to the month of May. Hyundai, part of Seoul-based Hyundai Motor Co. reported a 24 percent drop in June sales from a year earlier. But the sales were up 3 percent from May.

Kia, which is also part of the South Korean automaker, reported a 5 percent drop in June sales from a year earlier but June was its fourth consecutive month of increased sales with a 3 percent gain from May. Last month, Hyundai Motor America’s number of vehicles sold totaled 37,943. And Kia Motor America sold 26,845 vehicles in June and its overall sales for the first six months of 2009 through June was 147,404. (more…)

La Jolla Group Inc. that makes cloth under O’Neill Clothing, Lost Clothing, Metal Mulisha and Rusty North America has opened its new headquarters in Irvine. The new corporate space is double La Jolla’s old headquarters in Irvine Spectrum and it features an advanced distribution center complete with 20 dock doors, more than a dozen high-tech conference rooms and meeting areas, a photo studio, a 2,000 sq. ft model retail store and an indoor skate park with quarter pipes and rail hits. La Jolla employs about 350 people in the office.

La Jolla sells clothes inspired by surfing, skateboarding and motocross through J. C. Penney Corp., Pacific Sunwear of California Inc., Macy’s Inc. and other retailers. Now, the Irvine building includes skateboard ramps, a gym, an indoor basketball court, a 2,000-square-foot store as well as 6,000 square feet of conference and showroom space. (more…)

Irvine-based drug maker Spectrum Pharmaceuticals Inc.’s shares fell on Wednesday, reportedly after the drug maker was planning to sell shares of its stock and raise $21 million. The shares closed down 14 percent on a market value of $217 million as investors worried that the stock sale would dilute their stake in the company.

Spectrum expects to sell 2.9 million shares and warrants to buy an additional 1.5 million shares of stock to institutional investors. Reportedly, Spectrum sold 1.7 million shares of its stock to institutional investors and received $10 million in proceeds just before two weeks the company decided on the latest stock sale. The company said it would use the proceeds of the latest offering for general corporate purposes. (more…)