Mentor Graphics hires firms to evaluate offer

By Associated Press
June 30, 2008 | Comments (0)

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Mentor Graphics Corp., which makes electronic automation systems, said Monday it retained Goldman Sachs and Merrill Lynch to evaluate an unsolicited offer by larger rival Cadence Design Systems Inc. for $16 per share.

Cadence made the offer earlier this month after the two companies failed to agree on a deal privately for about two months.

Based on Mentor's shares outstanding as of June 2, the offer is worth $1.45 billion.

Latham & Watkins LLP is acting as legal adviser.

Cadence said it has asked to meet with Mentor and its advisers to discuss the proposal.

"This initiative is a high priority for us, and we remain committed to making this combination a reality," Cadence said in a statement.

Mentor Graphics shares rose 3 cents to $15.92 during late-day trading.

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