MOUNTAIN VIEW, Calif. (AP) — Synopsys said Thursday it plans to buy Virage Logic Corp., a rival chip design software provider, for about $315 million in cash.

Synopsys said the deal will give it a more comprehensive set of software tools to offer customers.

The company will offer Virage stockholders $12 per share, a 28 percent premium over the company's last closing price of $9.37. Excluding the cash on Virage's books, Synopsys would be paying about $289 million.

Synopsys Inc. expects to close the deal in the fourth quarter of the fiscal year, which ends for the company in October.

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