Mentor Graphics Corporation (Nasdaq: MENT) acknowledged receipt of an unsolicited proposal by Cadence Design Systems (Nasdaq: CDNS) to acquire Mentor Graphics at a price of $16.00 per share. Mentor Graphics confirmed that it previously rejected the proposal.
“As we recently indicated to Cadence, we reviewed Cadence’s proposal and analyzed both the price proposed and the risks associated with obtaining antitrust approval for a combination between the companies,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “Following this review, we concluded that not only was the price insufficient to support a transaction but that the risks of not gaining regulatory approval were sufficiently high that the ability of the parties to consummate the transaction would be in jeopardy. For these and other reasons, our Board unanimously rejected the proposal.”
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world’s most successful electronics and semiconductor companies. Established in 1981, the company reported revenues over the last 12 months of over $850 million and employs approximately 4,200 people worldwide. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777.
Mentor Graphics is a trademark of Mentor Graphics Corporation.