Icahn offers to buy Mentor Graphics at $17 a share (AP)
NEW YORK – Activist investor Carl Icahn has offered to acquire software maker Mentor Graphics Corp. for $17 per share in cash, or most $1.9 billion, according to a consort restrictive filing on Tuesday.
Mentor makes software 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 premium over the Wilsonville, Ore., company's approaching toll last Friday. Its shares rose $1.74, or 12 percent, to $16.26 in farewell trading during Tuesday.
The billionaire investor's substance leaves room for Mentor Graphics to obtain modify higher bids without stipendiary him a break-up fee, according to the filing.
"We conceive that our man shareholders should hit the possibleness 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 board of directors and included in its filing.
Icahn met with Mentor Graphics last hebdomad to handle putting the consort up for sale, according to an early filing. At the time, Icahn argued that a understanding would greatly compound investor continuance and that several buyers would be interested in stipendiary a "substantial" premium 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 uninvited takeover bids.
The revealing of the Icahn effort for Mentor comes exclusive quaternary life after his $665 meg substance for the Texas power consort Dynegy Inc. failed to intend decent hold from Dynegy shareholders and was terminated.
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