Tuesday, July 1, 2008

Mentor Graphics Hires Investment Bank

Mentor Graphics Corp., a provider of electronic hardware and software design solutions, announced Monday that it has hired an investment bank to help it consider an unsolicited purchase offer from semiconductor design software firm Cadence Design Systems Inc. Specifically, Mentor Graphics said its board of directors has retained Goldman Sachs and Merrill Lynch as financial advisors and Latham & Watkins LLP as legal advisor. The Wilsonville, Ore.-based company received an unsolicited written proposal from Cadence in June to acquire all outstanding shares of Mentor Graphics at a price of $16.00 per share; the firm had initially rejected the offer, citing the price proposal and risks associated with obtaining antitrust approval for combing the two companies.