Mentor Graphics Responds to Cadence Announcement of Withdrawal of Acquisition Proposal
WILSONVILLE, Ore., Aug. 15, 2008 -- Mentor Graphics (Nasdaq: MENT) acknowledged Cadence Design Systems’ (Nasdaq: CDNS) press release indicating that Cadence was withdrawing their proposal to acquire Mentor Graphics. Mentor Graphics notes that this withdrawal is inconsistent with both Cadence's recent public statements and recent communications between Mentor Graphics and Cadence. Mentor Graphics was aware that, as described in the Cadence press release, Cadence was facing challenges in obtaining financing for the transaction. Additionally, today the Federal Trade Commission (FTC) made a "second request" indicating that regulatory review of the previously proposed transaction would have been protracted.
Mentor Graphics has been working diligently to enhance shareholder value and will continue these efforts.
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world’s most successful electronics and semiconductor companies. Established in 1981, the company reported revenues over the last 12 months of over $850 million and employs approximately 4,200 people worldwide. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777. World Wide Web site: http://www.mentor.com/.