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Cadence offers $1.6bn in cash for Mentor
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17/06/2008
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Cadence has made an offer to acquire Mentor Graphics for $16 per share in cash, valuing Mentor at $1.6billion. According to Cadence, this represents a 30% premium over yesterday’s closing price for Mentor Graphics’ shares.
Mike Fister, Cadence’s president and ceo, pictured, said: “A combined Cadence-Mentor will offer customers a broader and more fully integrated product and technology portfolio in a timeframe that better enables them to address urgent and complex challenges associated with their next generation product development. Together, we will accelerate the rate and efficiency of customers' innovation by making it possible for them to develop products that better meet end user needs.”
Cadence has been courting Mentor since the beginning of April but, according to a letter published on the Cadence website, Mentor appears to be ‘playing hard to get’. In the letter to Wally Rhines, Mentor’s ceo, Fister says: “We are disappointed that, despite our best efforts, you have thus far been unwilling to meaningfully participate in such discussions.”
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Author
Graham Pitcher
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