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Mentor hires bankers to review Cadence offer
BOSTON (Reuters) - Microchip-design software maker Mentor Graphics Corp (MENT.O) has hired investment bankers to advise it on a $1.5 billion takeover bid from Cadence Design Systems Inc (CDNS.O), two weeks after initially rejecting the offer.
Mentor said on Monday that it had hired Goldman Sachs (GS.N) and Merrill Lynch MER.N as financial advisers.
Cadence issued a statement saying its representatives were eager to meet with Mentor officials and their advisors.
"This initiative is a high priority for us, and we remain committed to making this combination a reality," the statement said.
Mentor said on June 17 that its board had unanimously rejected the $16-per-share offer as too low. It also said it was concerned that a deal might not clear an antitrust review.
At the time, some analysts speculated that Cadence might raise its bid or that rival Synopsys Inc (SNPS.O) might also be interested in buying Mentor.
A spokeswoman for Synopsys declined comment.
Cadence and Synopsys are the two major players in the market for highly specialized software that chipmakers use to design semiconductors.
Mentor said Latham & Watkins LLP is acting as its legal adviser.
Mentor shares rose 9 cents to close at $15.80 on Nasdaq. Cadence fell 4 cents to $10.10.
(Reporting by Jim Finkle; Editing by Lisa Von Ahn, John Wallace, Gary Hill)
