Mentor Graphics Rejects Icahn's $1.91 Billion Bid
Mentor Graphics Corp. rejected billionaire investor Carl Icahn’s $1.91 billion takeover offer, saying the bid undervalues the company and putting itself up for sale isn’t in the best interest of shareholders.
Last month, Mr. Icahn offered to buy Mentor for $17 a share, less than two weeks after saying the chip-design software company should put itself on the block. Mr. Icahn is known for targeting companies he views as undervalued and seeking changes, such as new management, to boost shareholder value.