Monday, March 28, 2011

Mentor Graphics Rejects Buyout Offer

Wilsonville, Oregon-based Mentor Grpahics said this morning that the buyout offer from Carl Icahn "undervalues the company", and that it will continue to execute on its "strategic plan." In rejecting the deal, the firm said that the move would not be in the best interest of the company and Mentor's shareholders. Icahn launched an unsolicited bid for Mentor Graphics in February, saying he would pay $17 per share, or approximately $1.73 billion, for Mentor. Mentor did say, however, that it "remains open to any opportunity to enhance shareholder value."