Icahn offers $17 a share for Mentor Graphics (AP)
NEW YORK – Activist investor Carl Icahn has offered to acquire the remaining shares of code maker Mentor Graphics Corp. for $17 per deal in cash, valuing the consort at about $1.9 billion, according to a restrictive filing on Tuesday.
Mentor makes code and systems utilised to test electronics components utilised in aerospace and military-grade products, automobiles and low-power electronics.
The substance is a 17 proportionality payment over the Wilsonville, Ore., company's approaching toll terminal Friday. Its shares chromatic 95 cents, or 6.5 percent, to close at $15.47 weekday after ascension to a 52-week broad of $16.56 earlier in the session.
Mentor said in a statement that it module analyse the proposal and said Icahn and his affiliates already own a 15 proportionality wager in the company. In the meantime, it wise its shareholders not to verify some state until the analyse is complete.
The billionaire investor's substance leaves shack for Mentor Graphics to receive modify higher bids without stipendiary him a break-up fee, according to the filing.
"We believe that our man shareholders should have the opportunity to accept our substance or a higher one, if one emerges as we think it will," he wrote in a state dated weekday to the company's commission of directors. The consort included the honor in its filing with the Securities and Exchange Commission.
Icahn met with Mentor Graphics terminal hebdomad to discuss putting the consort up for sale, according to an earlier filing. At the time, Icahn argued that a sale would greatly compound investor continuance and that individual buyers would be fascinated in stipendiary a "substantial" payment for it.
Icahn's substance assumes that Mentor Graphics module abandon a investor rights plan, or so-called "poison pill," to protect the consort from unsolicited takeover bids.
The revealing of the Icahn bid for Mentor comes exclusive four life after his $665 million substance for the Texas power consort Dynegy Inc. unsuccessful to get decent hold from Dynegy shareholders and was terminated.
Source
0 comments:
Post a Comment