12:02 PM EDT, 10/22/2024 (MT Newswires) -- (Updates to include additional details in the third and fourth paragraphs and the stock move in the headline and the sixth paragraph.)

Altair Engineering ( ALTR ) , an engineering software maker, is exploring a sale after receiving acquisition interest, Reuters reported Tuesday, citing three people familiar with the matter.

Altair is consulting with investment bankers to gauge potential suitors' interest, the people told Reuters.

A transaction could be executed in the coming weeks if the talks are successful, but it's not guaranteed and Altair may choose to remain independent, one of the sources said.

Potential bidders include Cadence Design Systems ( CDNS ) , the sources told Reuters, which said it couldn't determine if Altair had been approached by Cadence.

Altair and Cadence did not immediately reply to requests for comment from MT Newswires.

Altair shares advanced 8.4% in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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