Cadence Design Systems Inc (CDNS): Mentor Graphics Responds to Proposal fro...

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Wednesday, 06/18/2008 1:04:42 PM

Wednesday, June 18, 2008 1:04:42 PM

Mentor Graphics Responds to Proposal from Cadence Design Systems

Tuesday , June 17, 2008 14:24ET

WILSONVILLE, Ore., Jun 17, 2008 (BUSINESS WIRE) -- Mentor Graphics Corporation (Nasdaq: MENT) today 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."

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